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FinalCall.com News
World News
26 African countries to set up trading bloc
By AP
Updated Nov 12, 2008 - 3:33:00 PM
KAMPALA, Uganda - Twenty-six African countries agreed to set up a single regional trading bloc at a summit in Uganda but warned the process, aimed at regulating tariffs and giving them greater influence over international trade deals, would take time.
Between them, the three African trading blocs attending the conference—the Common Market for Eastern and Southern Africa, the East African Community and the Southern African Development Community—have a population of 527 million people and an annual gross domestic product of $624 billion.
“The tripartite summit resolves that the three regional economic communities ... would immediately start working toward a merger into a single regional economic community with the objective of fast tracking the attainment of the African economic community,” said a communiquè issued by Juma Mwapachu, the secretary general of the East African Community.
“Small markets cannot lead to Africa’s development,” said Rwandan president Paul Kagame, whose country has only 10 million citizens.
The governments plan first to set up a free trade area, which will allow goods manufactured in member states to be traded at preferential rates. The heads of state have directed their officials to prepare a plan within the next 12 months on how the three trade blocs can merge.
The presidents of Uganda, Rwanda, South Africa, Tanzania and Kenya all gave speeches outlining ideas for increasing economic and political alliances among three of Africa’s major trading blocs.
“The only way to insure Africa is through economic and political integration,” said Ugandan President Yoweri Museveni.
Zimbabwean President Robert Mugabe was also present Oct. 22 but was not given an opportunity to speak. His country is facing a humanitarian crisis and record inflation and it is struggling to finalize the details of a power-sharing deal between the president’s party and his rivals.
Related links:
Caribbean seeks stronger ties with African nations (FCN, 10-24-2008)
African Union chairman: ‘Africa must unite’ (FCN, 07-18-2007)
