Zambia ratifies, deposits Free Trade Area pact
ZAMBIA has become the latest country to deposit instruments of ratification for the Tripartite Free Trade Area (TFTA) Agreement with the COMESA Secretariat.
This brings the number of countries that have ratified and deposited the TFTA instruments to nine.
Other countries that have so far ratified and deposited the instruments of ratification with
COMESA Secretariat include Namibia, Egypt, Uganda, Kenya, South Africa, Rwanda, Burundi, and Botswana.
The Kingdom of Eswatini has also ratified but is yet to deposit the instrument.
In addition, five countries are currently in advanced stages of the ratification process, including Comoros, Malawi, Sudan, Tanzania, and Zimbabwe.
The Agreement needs a total of fourteen ratifications by Member States to enter into force.
COMESA Secretary General, Chileshe Kapwepwe, hailed
Government for the bold and significant step taken in supporting regional integration.
Ms Kapwepwe also commended Government for supporting free movement of goods and services not only in COMESA but more importantly in the wider tripartite region covering EAC, COMESA and SADC.
She said the prospects for the larger markets and supporting infrastructure would spur industrial development.
“This will not only create jobs, but it will also have the added advantage of diversifying Africa’s economies that are largely dependent on raw materials. The associated technological development will lead to the creation of new industries,” Ms Kapwepwe said.
According to COMESA, the ratification took place on 15th December 2020.
COMESA indicated in a statement that the TFTA brought together 28 countries with a population of over
700 million people, and a combined Gross Domestic Product of US$1.4 trillion.
“Additionally, the region accounts for almost half of the membership of the African Union and sixty percent of the GDP of the African continent.
“Once operational, the TFTA will enable the free movement of goods, services and businesspersons all of which stimulate economic activity in the region thereby improving the lives of ordinary people,” COMESA said.