Mutual Trade between Africa’s Top Economic Blocks hits $90 bln in 2014

The total volume of mutual trade between the members of Africa’s top economic blocks; COMESA, SADC, and EAC, has recorded US$ 89.6 billion in 2014, a report revealed on Monday.

The report, released by Egypt’s Industry Ministry, showed that the volume of mutual trade between the three blocks has been decreased by 13.8% compared to EGP 103.9 billion in 2013. 

The report clarified that Africa’s top three blocks; Common Market for Eastern and Southern Africa (COMESA), Southern African Development Community (SADC), and East African Community (EAC), have participated by US$1 trillion to the Gross Domestic Product (GDP) of Africa marking 58%.

Egypt hosts the COMESA-EAC-SADC Tripartite Summit form June 7 till June 10 in Sharm El Sheikh.

The three blocks is set to sign the agreement of the African Trade Zone (AFTZ) in Wednesday June 10, 2015.

Furthermore, the Tripartite AFTZ popularly known as the Grand Free Trade Area, will be the largest economic bloc on the continent and the launching pad for the establishment of the Continental Free Trade Are (CFTA) in 2017.

 Moreover, according to the AFTZ agreement, the customs fees on the exports of the participant states will be exempted to attract foreign investments for the African continent and boost its exports abroad.