Find government COVID 19 information at https://sacoronavirus.co.za
Home
FacebookTwitterSearchMenu
  • Subscribe
  • Subscribe
  • News
  • Features
  • Knowledge Library
  • Columns
  • Customs
  • Jobs
  • Directory
  • FX Rates
  • Contact us
    • Contact us
    • About Us
    • Advertise
    • Send us news
Africa
Economy
Other

TFTA Agreement membership grows

19 Jan 2021 - by Staff reporter
Comesa secretary general Chileshe Kapwepwe. Source: Comesa
0 Comments

Share

  • Facebook
  • Twitter
  • Google+
  • LinkedIn
  • E-mail
  • Print

Zambia has become the latest country to deposit its instruments of ratification for the Tripartite Free Trade Area (TFTA) Agreement with the Common Market for Eastern and Southern Africa (Comesa) secretariat.

This brings to nine the number of countries that have done so. The agreement needs a total of 14 ratifications by member states to enter into force.

The agreement supports regional integration and ultimately free movement of goods and services not only in Comesa but in the wider Tripartite region covering EAC, Comesa and SADC.

The TFTA together 28 countries with a population of over 700 million people, and a combined Gross Domestic Product (GDP) of US$1.4 trillion. Additionally, it accounts for almost half of the membership of the African Union and 60% of the GDP of the African continent.

Once operational, the TFTA will enable the free movement of goods, services and business people.

Comesa trade experts say the agreement will serve as an impetus for investment in Africa's cross-border infrastructure.

It is estimated that Africa needs to invest nearly $100 billion annually in infrastructure over the next decade – and less than half of this target is met currently.

“One of the reasons for the low level of investment has been poor coordination across the different trading blocs. Building infrastructure will also create additional jobs and foster the development of engineering services,” says Comesa secretary general Chileshe Kapwepwe.

Trade experts add that the TFTA goes a long way in addressing the issue of overlapping membership by bringing together three of Africa’s major Regional Economic Communities (RECs), namely Comesa, EAC and SADC. It provides a key path to harmonisation and effective implementation of trade and trade-related instruments of the Africa Continental Free Trade Area (AfCFTA), they add.

Comesa brings together 21 African member states with a population of 560 million people into a cooperative framework for sustainable economic growth and prosperity through regional integration.

Other countries that have so far ratified and deposited the instruments of ratification include Namibia, Egypt, Uganda, Kenya, South Africa, Rwanda, Burundi, and Botswana. The Kingdom of Eswatini has also ratified but is yet to deposit the instrument.

In addition, five countries are currently in advanced stages of the ratification process, including Comoros, Malawi, Sudan, Tanzania, and Zimbabwe.

“The prospects for the larger markets and supporting infrastructure will spur industrial development. This will not only create jobs, but it will also have the added advantage of diversifying Africa's economies that are largely dependent on raw materials. The associated technological development will lead to the creation of new industries,” Kapwepwe added.

Seals threaten Beira’s ascendancy

Africa
Today 12:30
0 Comments

Box-and-ship flow disruption said to continue for some time

Imports and Exports
Today 11:15
0 Comments

Iata’s new Africa regional VP takes office

Air Freight
Today 11:00
0 Comments

Progress on safety requirements for remotely piloted aircraft

Air Freight
Today 11:00
0 Comments

UK lifts citrus phytosanitary prerequisite

Imports and Exports
Today 10:30
0 Comments

‘Hub’ ports for Covid testing and quarantine mooted

COVID-19
Today 10:00
0 Comments

Another step on CMA’s carbon-neutral journey

Other
Today 09:30
0 Comments

Viability of electrifying cold chain fleets in question

Other
Yesterday
0 Comments

Port of Mombasa records steady growth

Other
Yesterday
0 Comments

BORDER BEAT: Vic Falls border closure for cargo postponed

Africa
Yesterday
0 Comments

Public Enterprises clarifies SAA Cargo flight to Brussels

Africa
Yesterday
0 Comments

Saldanha Bay Industrial Development Zone attracts investments

Africa
Yesterday
0 Comments

Last week’s top stories

Logistics
Yesterday
0 Comments

New levy for Eswatini fuel operators from today

Africa
Yesterday
0 Comments

New measures provide shippers with sea freight volume guarantees

COVID-19
26 Feb 2021
0 Comments

SA cashes in on Oz/China standoff

Africa
26 Feb 2021
0 Comments

Orange River deluge a bitter-sweet experience for Northern Cape

Africa
26 Feb 2021
0 Comments

Annual theft report reveals Covid-induced changes in SA trends

Africa
26 Feb 2021
0 Comments

Schedule reliability plummets for sixth consecutive month

Other
26 Feb 2021
0 Comments

Namibia achieves customs connectivity with South Africa

Africa
26 Feb 2021
0 Comments
  • More

FeatureClick to view

Mining & Minerals February 2021

Border Beat

BORDER BEAT: Vic Falls border closure for cargo postponed
Yesterday
BORDER BEAT: Transporters waiting for days as Kazungula delays worsen
19 Feb 2021
BORDER BEAT: C-BRTA plans talk shop amid fears of border opening-related congestion
15 Feb 2021
More

Poll

Has mental health and wellness been a priority in your workplace?

Featured Jobs

New

Sales Manager (Opportunity to move from Sales into a Sales Manager Position)

Tiger Recruitment
East Rand
02 Mar
New

Team Leader

Siyakhanda International Trade Concepts Pty
Centurion
01 Mar
New

Senior Sales Executive

Lee Botti & Associates
Johannesburg East
01 Mar
More Jobs
  • © Now Media
  • Privacy Policy
  • Freight News RSS
  • About Us
  • Advertise
  • Send us news
  • Contact us