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COMESA is one of the pillars of the African Economic Community. In 2008, COMESA agreed to an expanded free-trade zone including members of two other African trade blocs, the East African Community (EAC) and the Southern Africa Development Community (SADC). COMESA is also considering a common visa scheme to boost tourism. [5]
COMESA was established in 1994 as a replacement for the Preferential Trade Area. It includes 20 nations, with a combined GDP of US$286.7bn in 2006. Among its members are Zimbabwe, Zambia, Uganda and Sudan. The EAC, the smallest of the member trade blocks in terms of GDP, had a GDP of US$46.6bn in 2006.
The African Economic Community (AEC) is an organization of African Union states establishing grounds for mutual economic development among the majority of African states. The stated goals of the organization include the creation of free trade areas, customs unions, a single market, a central bank, and a common currency (see African Monetary Union) thus establishing an economic and monetary union.
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.
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[1] Article 88 of the Abuja Treaty states that the foundation of the African Economic Community is the progressive integration of the activities of the RECs, with the establishment of full continental economic integration as the final objective towards which the activities of existing and future RECs must be geared.
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