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Trade News

Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Africa's Largest Free Trade Area To Be Launched In Egypt In December

Wednesday, November 26, 2014 > 09:13:53
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(Bernama)

Africa's largest free trade area will be launched in Egypt next month during a summit of heads of state and government in Cairo.

The free trade area brings together three existing free trade areas -- the East African Community (EAC), the Common Market of East and Southern Africa (COMESA) and the Southern African Development Community (SADC) -- to boost intra-regional trade, increase foreign investment and promote development of cross-regional infrastructure.

Kenya's Foreign Affairs Ministry Principal Secretary, Karanja Kibicho, said Monday that the new trading area is expected to deepen trade between Kenya and other African countries.

The tripartite free trade area or also known as Grand Free Trade Area will have a combined population of 625 million people and gross domestic product (GDP) of US$1.2 trillion.

It will account for half of the membership of the African Union (AU) and 58 per cent of the continent's GDP and is expected to be the launching pad for the establishment of a Continental Free Trade Area in 2017.

Kibicho in addressing a COMESA forum on women entrepreneurs urged women in the region to take advantage of the expanded market offered by the new trading bloc to venture into business.

The EAC, SADC and COMESA have made progress in negotiations on trade in goods with ongoing talks on trade in services, intellectual property and competition policy.


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