06 Jun.
Business to benefit most from free trade area.
Heads of state to meet on Sunday to agree on a plan to authorise a “grand free trade” agreement
Business is the most likely lobby that is set to benefit from a bold initiative to create a free trade agreement among 26 countries in Southern Africa.
Heads of states of these countries will on Sunday agree on a plan to authorise a “grand free trade” agreement between the Common Market for East and Southern Africa (Comesa), East African Community (EAC) and the Southern African Development Community (Sadc).
All three regions have a combined population of 590-million with a gross domestic product (GDP) of $860bn.
It is expected that the combined GDP of these countries will top $1-trillion by 2013.
Once the authorisation of a free trade agreement has been signed, a protocol on the free movement of business within the three regions will come into effect.
Trade and Industry Rob Davies today hailed the initiative as a step that would spur the economic development of the African continent.
“The African continent is now being looked on as a source of economic opportunity and as one of the growth areas in the world economy,” Mr Davies said.
Source: Business Day
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