This article addresses the issue of international investment regulation with a bearing on Africa. It reviews the bilateral investment treaties (BITs) which have been signed by African countries and characterizes intra-African BITs. It also discusses regional investment regulation in the continent and its elements for harmonizing the cluttered ‘spaghetti-bowl’ of investment regimes. Based on the findings and the existing regional integration agenda on investment, the article discusses the viability of an African Continental Investment Area as an alternative to the existing investment regime, in favour of more harmonized development that builds on existing institutions and processes.
Africa is embarking in one of its major regional integration projects since the African Union was conceived: a Continental Free Trade Area (CFTA), which gained traction through an African Union Decision and Declaration mandating the establishment of the pan-African free trade area by 2017. Considerable progress has been made since, with the official launch of CFTA negotiations last June. A major prerogative for the realization of a CFTA is that fifty-four African States make concessions for the common benefit of liberalized trade. This paper therefore critically looks at what is being considered in the negotiations of a CFTA in terms of objectives, scope, disciplines and timelines. It also contemplates critical elements of operability and functionality of a future CFTA agreement and proposes key elements that may give content and help realize a prospective CFTA which can deliver on the promise of greater intra-African trade.
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