Zambia boosts prospects for African trade initiative
An effort to bring together 28 countries from three African regional economic groupings under a free-trade zone has received a boost with Zambia’s move to back the agreement underpinning it.
The Tripartite Free Trade Agreement, or TFTA, is envisaged to cover the member nations of the Common Market for Eastern and Southern Africa, or COMESA, the East African Community, or EAC, and the Southern African Development Community, or SADC.
Zambia deposited instruments of ratification for the agreement with the COMESA Secretariat on Friday.
The development brings to number of the countries that have ratified the TFTA instruments to nine. The agreement must be ratified by 14 governments to enter into force.
COMESA Secretary-General Chileshe Kapwepwe applauded Zambia’s government for supporting regional integration and the goal of free movement of goods and services not only in the COMESA zone but across the EAC and the SADC.
“This tripartite agreement goes a long way in addressing the issue of overlapping membership by bringing together three of Africa’s major regional economic communities namely, COMESA, EAC and SADC,” Kapwepwe said. “It provides a key path to harmonization and effective implementation of trade and trade-related instruments of the Africa Continental Free Trade Area.”
Industrial development
She said the agreement between the three economic groupings will 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,” Kapwepwe said.
Once operational, the TFTA will enable the free movement of goods, services and business people.
Zambia has joined Namibia, Egypt, Uganda, Kenya, South Africa, Rwanda, Burundi and Botswana in having ratified the TFTA. Other countries that are in advanced stages of that process include Comoros, Eswatini, Malawi, Sudan, Tanzania and Zimbabwe.
The TFTA was launched in Sharm-El-Sheikh, Egypt, in June 2015.