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The three trade blocs that agreed to and make up the AFTZ, the COMESA, the EAC and the SADC, are already well-established in their own right and cover varying swathes of land, economic systems, political systems and a varied number of peoples (which includes Arabs in the North, multi-racial peoples in the East and South, including significant numbers of Africans of European descent, Asian ...
Currently there are multiple regional blocs in Africa, also known as Regional Economic Communities (RECs), many of which have overlapping memberships. The RECs consist primarily of trade blocs and, in some cases, some political and military cooperation. Most of these RECs form the "pillars" of AEC, many of which also have an overlap in some of ...
A common market is seen as a stage of economic integration towards an economic union [8] or possibly towards the goal of a unified market.. A single market is a type of trade bloc in which most trade barriers have been removed (for goods) with some common policies on product regulation, and freedom of movement of the factors of production (capital and labour) and of enterprise and services.
Here are some key facts about the bloc and its members. The acronym BRIC, which did not initially include South Africa, was coined in 2001 by then Goldman Sachs chief economist Jim O'Neill in a ...
The 1980 Lagos Plan of Action for the Development of Africa, followed by the 1991 treaty to establish the African Economic Community (also referred to as the Abuja Treaty), proposed the creation of regional economic communities (RECs) as the basis for African integration, with a timetable for regional and then continental integration to follow ...
Intra-continental trade has struggling in the past with only 10.2% of trade in the continent being done in Africa in 2010. [14] The Chairperson of the African Union and President of Rwanda, Paul Kagame, writes, "Increasing intra-African trade does not mean doing less business with the rest of the world. On the contrary, as we trade more among ...
China and India are increasingly important trade partners; 12.5% of Africa's exports are to China, and 4% are to India, which accounts for 5% of China's imports and 8% of India's. The Group of Five (Indonesia, Malaysia, Saudi Arabia, Thailand, and the United Arab Emirates) are another increasingly important market for Africa's exports. [74]
The Intergovernmental Authority on Development (IGAD) is an eight-country trade bloc in Africa. It includes governments from the Horn of Africa, Nile Valley and the African Great Lakes. It is headquartered in Djibouti.