PAPSP for Africa's "Rule of Origin" Policing
In this piece, Nnamdi explains a key component of the African trade agreement (ACFTA). Pay attention as the continent is going through a redesign. The PAPSP (Pan African Payment and Settlement Platform) must work for Africa to get value from ACFTA because it will be the custodian of tracking the "rule of origin".
In order to solve the paralysis in intra African trade, the African Export Import Bank (AFREXIM) has launched a Pan African Payment and Settlement Platform (PAPSP) at the African Union Extraordinary Summit in Niamey, Niger.
This initiative is part of the African Continental Free Trade Area (ACFTA) which is designed to bring 1.3 billion Africans and create a $3.4 trillion single economic market. The initiative has the following operational instruments: Rules Of Origin Portal, Tariff Concession Portals, Portal On Monitoring and Elimination of Non Tariff Barriers, Digital Payments and Clearing System, and African Trade Observatory Dashboard.
PAPSP is the hope right now to get the trade treaty working fine.