COMESA-EAC-SADC Tripartite Summit kicks off Today in Egypt

The Eighth Meeting of the COMESA-EAC-SADC Tripartite summit has started on Sunday in the presence of top leaders of 26 African states.

The African landmark event is hosted by Egypt in Sharm El Sheikh from June7 till June 10, 2015. It will witness signing the African Trade Zone (AFTZ) agreement between Africa’s top three economic blocks; The Common Market for Eastern and Southern Africa (COMESA), Southern African Development Community (SADC) and East African Community (EAC).

The summit is scheduled be attended by high-profile officials and experts to prepare special reports set to be presented to the presidents.

 The reports will include one about the third meeting of Tripartite Sectoral Committee of Ministers meeting on trade held in Bujumbura, Burundi and other about the agreement of the Free Trade Area (FTA).

On the other side, Sayed El Bous -Adviser to Egyptian Minister of Industry and Foreign Trade- asserted that the importance of this meeting is basically to sign the agreement of Comesa-EAC-SADC Tripartite FTA by which the 26 African states would seize 60% of Africa’s gross domestic product (GDP) and 52% of its total population.

Moreover, The proposed Tripartite  Free  Trade  Area is  based  on  three  main  pillars–market integration, infrastructure  development  and  industrial  development– reflecting  the  fact  that  there  are multiple obstacles to trade  in  the  region  and it requires efforts  to increase  and diversify industrial production and improve transport infrastructure.