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Africa negotiates monumental Free Trade Agreement spanning 26 countries

Published on June 11, 2015

Sharm el Sheikh (Egypt) (AFP) – Senior African officials negotiating a trade deal in Egypt to create a common market across half the continent said Monday the pact was ready to be signed.

The Tripartite Free Trade Area (TFTA) spanning 26 countries is to be launched at a summit of heads of state and government on Wednesday in the Red Sea resort town of Sharm el-Sheikh.

The pact aims to set up a common framework for tariff preferences that would ease the movement of goods across the area’s member countries.

The deal between the East African Community, Southern African Development Community and the Common Market for Eastern and Southern Africa would create a market with a population of 625 million and gross domestic product of more than $1 trillion (900 billion euros).

“The deal is complete and ready to be signed by heads of state on Wednesday,” Peter Kiguta, the director general of the East African Community, told AFP.

Trade ministers and officials gathered in the resort town from Sunday had worked out final concerns, including the management of disputes and protection for small manufacturers, he said.

“All issues have been sorted out. Some technicalities remain but the overall agreement is now complete,” Kiguta said. Read more. Source | Atlanta Black Star