Africa Targets Free Trade Zone By 2017

African leaders have set 2017 as target date for the take off of Continental Free Trade Area (CFTA), according to reports

Our correspondent in Addis Ababa reports that the decision was reached during the 18th General Assembly of Heads of State and Government of the Union which ended in Addis Ababa on Monday.

According to a document on the CFTA the leaders agreed that the take off should be subject to the provision of all the required infrastructure.

The document provided for a three-step plan as part of the preparation for the actualisation of the CFTA.

The first step would involve finalising the tripartite agreement between East African Community (EAC), the Common Market for Eastern and Southern Africa (COMESA), and the Southern African Development Community (SADC) by 2014.

The second step would be to urge other trade blocs to follow the experience of the tripartite agreement and reach parallel agreements between 2012 and 2014, while the third would be to consolidate the tripartite and other regional free trade areas into CFTA initiative between 2015 and 2016.

The document said enhanced intra-African trade and deepened market integration would contribute significantly to sustainable economic growth, employment generation, poverty reduction, inflow of foreign direct investment, industrial development and better integration of the continent into the global economy.

Reports say that Africa has seven major regional trade blocs which include ECOWAS, the Economic Community of Central African States (ECCAS), the Arab Magreb Union (AMU) and the Community of Sahel-Saharan States (CEN-SAD) apart from the above tripartite agreement blocs.