Members of three African trade blocks, the Common Market for Eastern and Southern Africa (COMESA), East African Community (EAC), and Southern Africa Development Community (SADC) signed the Tripartite Free Trade Agreement in Egypt June 10, initiating a plan to integrate 26 countries, more than 620 million people and a sum GDP of more than $1 trillion into a single trading block.
EAC members – Kenya, Burundi, Rwanda, Tanzania, and Uganda – look set to be among the biggest beneficiaries of this agreement, as they are ahead of oher participating regional economic communities (RECs) in the easing of customs processes and the establishment of a free trade area, says TradeMark East Africa Partnership Program Jason Kap-Kirwok.
According to the African Development Bank, the successful implementation of a customs union, plans to launch a monetary union by 2023, and a common market protocol launched in 2010 have all set the EAC not only above all RECs in Africa. Read more. Source | Monitor Global Outlook