The word “grand” means magnificent and imposing in appearance, size, or style; the largest or most important item of its kind.
So what do you know of the Grand Free Trade Area or GFTA? Or for that matter, are you even aware of the deliberations (in your instance the tariff deliberations) that are under way? The GFTA initiative originates from three regional trade blocs on the African continent - the Southern African Development Community (SADC), East African Community (EAC) and the Common Market for East and Southern Africa (Comesa) - and is intended to bring about increased intra-African trade. You are no doubt aware that there are overlapping memberships of these trade blocs.
The idea behind joining these economies is to enable Africa to become far more self-reliant, in other words expand intra-regional trade. According to the statements offered in motivation, it will also allow small economies to have access to larger regional market,; bringing about diversity, gross domestic product (GDP) growth and increased employment. The tripartite FTA will bring together 26 countries with a combined population of 625 million people and an estimated GDP of U$1.2 trillion. The trade bloc also brings together more than half of the 54 African countries. A continental free trade area is anticipated in 2017.
At the Tripartite Sectoral Committee of Ministers meeting held in Bujumbura, Burundi from 24 to 25 October 2014 it was agreed that at the Tripartite Summit of Heads of State and Government to be held in Egypt in mid-December 2014 would launch the Tripartite Free Trade Area or TFTA. [Clarification: This is another name for the Grand Free Trade Area or GFTA. It is our understanding that the name still needs to be settled on.] It is understood that the majority of the Tripartite Member/Partner States have made ambitious tariff offers and agreed on Rules of Origin to be applied in the interim whilst further work continues on product specific Rules of Origin. At this stage the nature and extent of South Africa’s involvement and commitment is not known.