This is important news for growth and development in the African continent. One of the reasons for the very low rate of intra-regional trade in Sub Saharan Africa inn particular is the over-lapping nature of several trade blocs. It seems this is about to change.
CNBC Africa reports here that a new 26-nation free trade area is set to be established. With a combined gross domestic product of $1 trillion, the tripartite trade area will include the East African Community, the Common Market for Eastern and Southern Africa, and the Southern African Development Community in a single free market.
However much remains to be done to make this a reality not least finding agreement between African countries on non-tariff barriers such as rules of origin to guard against import dumping.
The aim is to create a new African Continental Free Trade Area (CFTA) by 2017.
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