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
As anticipated, the US government has reinstated preferential trade status for Madagascar on its 54th independence day anniversary, providing hope for the country’s embattled economy.
Canadian Trade Minister Ed Fast said he will continue to lobby South African leaders about the benefits of bilateral investment treaties, despite their rejection of the idea. Canada signed a BIT with Burkina Faso this month and Fast announced this week that Madagascar is moving toward a similar deal with Canada.
The EU has today signed an important trade agreement with four countries in Eastern and Southern Africa, namely Zimbabwe, Mauritius, Madagascar and Seychelles.
The European Union signed a temporary trade pact Saturday with Mauritius, Seychelles, Zimbabwe and Madagascar calling for tariffs on European goods to be removed over the next 15 years.
Canada is becoming more engaged in international treaty negotiation and has recently announced that: Canada and Tanzania; Canada and Mongolia; Canada and Madagascar; Canada and Indonesia; and Canada and Vietnam have agreed to begin negotiations towards a Foreign Investment Promotion and Protection Agreement (FIPA).