Common Market for East and Southern Africa
Cabinet in Zimbabwe has approved the ratification of the COMESA-EAC-SADC Tripartite Free Trade Area (TFTA).
EAC’s increased exports to SADC excluding Tanzania was as a result of the increased benefits arising from the membership to the EAC-COMESA-SADC Tripartite.
The TFTA will also be a building bloc for the African Continental Free Trade Area, COMESA official said.
Members of the Lower House approved the agreement establishing a Tripartite Free Trade Area among the Common Market for Eastern and Southern Africa, the East African Community, and the Southern African Development Community.
The African Continental Free Trade Area (ACFTA) will be launched on 7 July 2019 in Niamey, Niger, by the Heads of State and Government at an extraordinary summit of the African Union.
The deadline set by the Tripartite Council of Ministers for member States of three regional economic blocs to sign and ratify the tripartite free trade area lapses this month.
The deposit of the instrument means that South Africa has formally and legally committed to the TFTA.
Member states in the Comesa trading bloc who introduce new non-tariff barriers to trade may face sanctions as trade experts prepare to present this tough condition to Heads of State.
South Africa has ratified the Tripartite Free Trade Agreement, becoming the fourth country to do so after Egypt, Uganda and Kenya. 10 more ratifications are now needed for the Agreement to enter into force.
The slow pace at which member states of the Tripartite Free Trade Area Agreement (TFTA) are committing to the bloc, has derailed the enforcement of the treaty and trade in one of Africa’s largest economic zones.
Implementation of the much anticipated Digital Free Trade Area (DFTA) in central-Eastern Africa bloc will have to wait until member states agree on harmonization of policies.
The TFTA seeks to establish an enlarged market involving 27 member countries from the Common Market for Eastern and Southern Africa, the East African Community and Southern African Development Community.
Botswana signed a tripartite free trade area agreement which marked a milestone in the trade agenda of the African Union.
The Ugandan Cabinet has approved the ratification of the EAC-COMESA-SADC Tripartite Free Area Agreement (FTA), paving way for the implementation of the Agreement.
The Tripartite Free Trade Area will comprise 28 countries, cover approximately 18.3 million square kilometers and hold about 61 percent of the continent’s population.
Various steps have been taken by the Indian Government to enhance trade and commercial relations with African countries.
The agreement brings together three regional economic communities – COMESA, EAC and SADC – into a single free trade area covering 57% of Africa’s population with a combined GDP of US$1.3 trillion as of 2015
Nineteen countries have now signed the agreement. For benefits to actually be realized, it must be ratified by at least 14 of the 26 member countries. Only Egypt has ratified it.
Ministers from 26 African countries are meeting in Kampala in another attempt to see through overdue negotiations on the Tripartite Free Trade Area (TFTA).
A paltry eight African have so far ratified the Tripartite Free Trade Area (TFTA) more than two years after it was launched in Egypt, raising fears of a failed continental effort to create an expanded trade barrier free market.