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Regional economic integration should help the African countries develop the capacity and ability to become competitive internatinally, and thus benefit from global trade. Burundi, Kenya, Rwanda, the United Republic of Tanzania, and Uganda agreed today to make trade between them and with other countries cheaper, faster and simpler. Our Programmes Infrastructure Development Agriculture, Industry & Private Sector Development Trade & Customs Services Gender & Social Affairs.
AFRICA TRADING BLOCS FREE
The African Continental Free Trade Area, or AfCFTA, is set to create a. At the present time, however, African countries are not able to produce goods that are competitive globally in both price and quality. Executives from various African trading blocs are set to meet in Rwanda next week, to draw strategies on how they can tap into the opportunities offered unde. This week, 54 of 55 African Union members launched the biggest trade area since the creation of the World Trade Organization. A multilateral trading system will improve African access to the markets of the industrialized countries and significantly improve the continent's participation in international trade. The preferences, however, do not provide the African economies any significant trade benefits. At present, African countries have limited access to the markets of the EU through a set of preferences that have their origins in the colonial relationship between Africa and Europe. The rise of value chains in regional blocs and their continued relevance in. Effective participation in global trade is very important for development in the continent. Economic integration in Africa via the continents new free trade area could. The ability of developing countries, especially those in Africa, to have access to these regional markets will determine the extent of economic and human development in these countries in the years to come. It now appears that the global economy is likely to be dominated by three major trade blocs: the European Union (EU), the North American Free Trade Area (NAFTA), and an impending East Asia trade bloc, likely to be anchored around Japan. However, an analysis of how varying levels of integration within free trade blocs in Sub-Saharan Africa affect economic growth does not appear to be in the. The mid-1980s were characterized by a resurgence of regional economic integration around the world.