List of African Trade Agreements
African trade agreements are an essential aspect of the continent`s economic development. These agreements enable African countries to trade with each other and other nations, leading to economic growth and job creation. In this article, we will explore the list of African trade agreements that are actively being implemented.
1. African Continental Free Trade Area (AfCFTA)
The AfCFTA is the largest trade agreement in Africa, signed by 54 out of 55 African nations in 2018. The agreement aims to create a single market for goods and services, and a customs union with free movement of capital and people across the continent. The AfCFTA is expected to increase intra-African trade by up to 52.3%, according to the United Nations Conference on Trade and Development (UNCTAD).
2. Southern African Development Community (SADC) Free Trade Area
The SADC Free Trade Area was established in 2008, and it comprises 16 southern African countries. The agreement aims to reduce trade barriers among member countries and promote economic cooperation. The SADC Free Trade Area is expected to boost intra-regional trade and attract foreign investment into the region.
3. East African Community (EAC) Common Market
The EAC Common Market was established in 2010, and it comprises six countries; Kenya, Tanzania, Uganda, Rwanda, Burundi, and South Sudan. The agreement aims to create a single market for goods and services, as well as free movement of capital and people across the region. The EAC Common Market has led to increased intra-regional trade and investment.
4. Economic Community of West African States (ECOWAS) Trade Liberalization Scheme (ETLS)
The ECOWAS Trade Liberalization Scheme was established in 1979, and it aims to promote free trade among the 15 member states of ECOWAS. The ETLS eliminates tariffs and quotas on goods traded within the region, and it has led to increased trade among member states.
5. Common Market for Eastern and Southern Africa (COMESA)
COMESA was established in 1994, and it comprises 21 member states. The agreement aims to promote economic integration and development in Eastern and Southern Africa. COMESA has eliminated trade barriers and harmonized trade policies among member states, leading to increased trade and investment in the region.
In conclusion, these African trade agreements are critical for the economic development of the continent. These agreements will lead to increased intra-African trade, attract foreign investment, and create jobs for African citizens. Countries that participate in these agreements will benefit from increased trade and economic growth. African nations should continue to embrace and promote these trade agreements for the benefit of the continent.