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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 ...
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 ...
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.
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]
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 ...
The African Continental Free Trade Area (AfCFTA) [11] is a free trade area encompassing most of Africa. [12] [13] [14] It was established in 2018 by the African Continental Free Trade Agreement, which has 43 parties and another 11 signatories, making it the largest free-trade area by number of member states, after the World Trade Organization, [15] and the largest in population and geographic ...
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.