The TFTA will also be a building bloc for the African Continental Free Trade Area, COMESA official said.
The EAC negotiated and concluded a bilateral trade agreement with the EU as a bloc, and it must remain as such, say sources at the European Commission.
Members of the Lower House approved the agreement establishing a Tripartite Free Trade Area among the Common Market for Eastern and Southern Africa, the East African Community, and the Southern African Development Community.
The African Continental Free Trade Area (ACFTA) will be launched on 7 July 2019 in Niamey, Niger, by the Heads of State and Government at an extraordinary summit of the African Union.
German scholar Prof Helmut Asche today April 15, said that Tanzania has good reasons not to sign the Economic Partnership Agreements (EPAs) with the European Union (EU).
The deadline set by the Tripartite Council of Ministers for member States of three regional economic blocs to sign and ratify the tripartite free trade area lapses this month.
There is seemingly little economic incentive for Tanzanian President Magufuli to sign up to the EPA. Tanzania could already export its goods to the EU market under the ‘Everything But Arms’ agreement.
Tanzania is in talks with EU to resolve some technicalities and will only sign the agreement after all its issues have been ironed out.
Seatini said East African countries should find alternative ways to finance development projects rather than depend on public-private partnerships and bilateral investment treaties, which have cost the region dearly.
The UK-Eastern and Southern Africa (ESA) Trade Continuity Agreement is meant to replicate the Economic Partnership Agreement that the East African Community is yet to sign with the European Union.
The discussion on the EPA took place during the East Africa Community summit, with Tanzania insisting that it must be allowed more time to send experts to EU headquarters in Brussels, Belgium, to present its grievances.
East African countries can individually sign separate trade agreements with the European Union if a joint deal is not reached within the next four months.
Kenya is asking that EAC partner states adopt the variable geometry, a move that would be viewed as counter to regional integration.
Members of the East African Community to implement trade facilitation reforms including reducing “non-tariff barriers”.
The deposit of the instrument means that South Africa has formally and legally committed to the TFTA.
South Africa has ratified the Tripartite Free Trade Agreement, becoming the fourth country to do so after Egypt, Uganda and Kenya. 10 more ratifications are now needed for the Agreement to enter into force.
The slow pace at which member states of the Tripartite Free Trade Area Agreement (TFTA) are committing to the bloc, has derailed the enforcement of the treaty and trade in one of Africa’s largest economic zones.
Kenya will not sign a free trade agreement that China has been negotiating with the East African Community (EAC) partner States since 2016.
The TFTA seeks to establish an enlarged market involving 27 member countries from the Common Market for Eastern and Southern Africa, the East African Community and Southern African Development Community.
Despite having several trade and investment agreements from 1975, the inability for Africa to build substantial productive capacity has in effect rendered the continent a net importer, unable to meet even its own food requirements.