Petroleum Africa
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Friday, May 22, 2015
26 African countries are planning to create a free trade area by integrating three already existing trade blocks on the continent. The framework for the 26-nation trade block will be launched in June.
The three trade blocks making up the new area will be the East African Community, the Common Market for Eastern and Southern Africa, and the Southern African Development Community in a single free market.
“The tripartite that will be launched at a summit in Sharm el Sheikh next month will signal that we are on track to create a market of over 600 million people,” South Africa’s Trade and Industry Minister Rob Davies told parliament.
Davies said official negotiations will be launched later in June for the establishment of a continental FTA to embrace the entire continent.
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