AFRICA, 2015 - This year, Africa and the world witnessed an event that many naysayers said it will never come to pass; the signing of a historical pact – Tripartite Free Trade Area (TFTA) agreement or the Cape to Cairo free trade zone in Sharm el Sheikh (Egypt) on June 10th, 2015. The deal was officially unveiled during the 25th African Union Summit in South Africa which was held on 7-15 June 2015.
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| Image Source: AFP |
This is an exciting trade and infrastructure development in Africa at the moment but it depends on whether the parties to the arrangement see this as an opportunity or threat,"
Kuugongelwa-Amadhila - Prime Minister (Namibia)
This is the continent’s largest intra-African free trade zone and currently comprises of 26 African states within the Cape Town (South Africa) and Cairo (Egypt) area. Zimbabwe's head of State, Mr. Mugabe put it in a simple term, a deal that would create a "borderless economy".
The COMESA-EAC-SADC Tripartite member states have a combination of GDP of US$1 trillion, more than half of the continent’s GDP and population of over 600 million. For a continent that has been stagnated with slow progress in accomplishing economic integration, this change was overdue but still a welcomed one.
"Africa has made it clear that it is open for business."
Jim Yong Kim - World Bank President (Regarding the TFTA)
