twitter Facebook Linkedin acp Contact Us

African regional blocs to establish free trade area to boost business

The free trade zone is intended to increase investment opportunities in eastern and southern Africa. (Image source: RogerWollstadt/Flickr)

Members of African regional blocs have agreed to launch a tripartite free trade zone in the continent to increase business and investment opportunities

Ministers from regional blocs such as East African Community (EAC), Common Market for Eastern and Southern Africa (Comesa) and Southern African Development Community (SADC) met in Bujumbara, Burundi to launch a tripartite Free Trade Area (FTA), which is touted to be the largest economic bloc on the continent.

A statement issued by officials after the meeting stated that the tripartite FTA will encompass 26 member states from three blocs with a population of 625mn and a combined GDP of US$1.2 trillion.

It would offer significant opportunities for business and investment within the tripartite and help harness foreign direct investment (FDI) into the tripartite region. The business community, in particular, will benefit from an improved and harmonised trade regime that reduces the cost of doing business, added the statement.

Additionally, the tripartite summit of heads of state and government is slated to meet in Cairo, Egypt in December 2014 and launch the FTA.

The Bell team in Richards Bay consists of more than 800 machinists, welders, and assemblers. (Image source: Bell)

GFE Power Product’s extensive range covers generators from 10 kVA up to 3,000 kVA. (Image source: GFE Power Products)

The funding is the largest-ever equity raise in the minigrid industry according to Husk. (Image source: Adobe Stock)

The initiative will help African contractors participate in annual infrastructure investments. (Image source: Afreximbank)

ITS has evolved into a sophisticated systems approach, providing numerous opportunities to revolutionise road networks. (Image source: Adobe Stock)

Invest International’s Lara Muller; Ivory Coast Minister of Finance and Economy, Adam Coulibaly; and Ambassador Designate to Ivory Coast, Jeroen Kelderhuis. (Image source: Invest International)

The Yellow Metal Machine Rental team with some Wacker Neuson equipment. (Image source: Wacker Neuson)

Although displaying resilience, the report warns that African banks remain exposed to physical climate risks due to both sovereign and industry lending. (Image source: Adobe Stock)

WAA and VCMI will seek to establish regulatory frameworks to enable access to high integrity and fair voluntary carbon markets for WAA member countries. (Image source: Adobe Stock)

The parties will also promote the mutual exchange of information and expertise in the field of export credit policies and practices. (Image source: TBD Group)

Inside Condra’s Johannesburg factory: an overhead crane positions an electric motor during assembly of hoist and crab. (Image source: Condra)

IVECO is renewing its entire product range, all at once. (Image source: IVECO)

The MoU was signed alongside the Africa Health Business Symposium. (Image source: Africa CDC)

Both the IMF and EIU expect SSA to rank as the world’s second fastest growing economy in 2024. (Image source: Adobe Stock)

There has been a focus on the sugar industry. (Image source: Adobe Stock)

At WFES, Gotion High-tech will showcase its latest products and leading green energy solutions at its booth. (Image source: Gotion High-tech)

The new Perkins 5012 is a full-authority electronic engine optimised and purpose-built for power generation applications. (Image source: Perkins)

SSAB will begin deliveries of the new products in 2026.

The key issues restricting sub-Saharan Africa’s manufacturing sector will be unpacked at Manufacturing Indaba later this year. (Image source: Adobe Stock)

Through the innovative solution, each vessel can fill two tank containers on average between two ports. (Image source: Maersk)

Hyphen is developing sub-Saharan Africa’s largest, most advanced and only fully-vertical integrated green hydrogen project. (Image source: Hyphen)

According to Liebherr, the Used Equipment Marketplace is extremely user-friendly. (Image source: Liebherr)

Electricity storage will be pivotal in unlocking renewable projects and meeting energy demand. (Image source: Adobe Stock)

With RFID, assets can be given unique digital identities that enable users to identify and locate them all at once, from a distance, in real time. (Image source: Brady)

Africa Data Centres and DPA SA have broken ground on their solar farm in the Free State. (Image source: Africa Data Centres)

A Cat PM310 Cold Planer in action. (Image source: Caterpillar)

A larger stockholding of WEG products facilitates ready access for customers. (Image source: WEG Africa)

African nations have turned to the concept of power pools to address the continent's energy deficit and foster regional cooperation. (Image source: Synergy Consulting)

Dietmar Siersdorfer is expanding his role as Middle East managing director at Siemens Energy to include Africa. (Image source: Siemens Energy)

SEW-EURODRIVE is aggressively driving its African resource expansion by focusing this year on Botswana, Zimbabwe, Eswatini and Mozambique. (Image source: SEW EURODRIVE)