afrol News, 22 October - African economic blocs have signed an agreement that will acclerate creation of continent's largest trading partnership.

Signing yesterday in Kampala by chief executives of three regional trading blocs is said to set and define a clear roadmap for the ambitious African project.

Spearheaded by Southern African Development Community (SADC), Common Market for East and Southern Africa (COMESA) project seeks for harmonisation of trade and investment regulations in the three trading blocs as well as free movement of persons.

Areas areas of cooperation will be on exchange of information and expertise and well as mobilisation of resources for implementation of activities of common interest and capacity building amongst others.

The signing has been said to be a commitment to creating a free trade area among three blocs with a combined population of over 527 million people as well as combined GDP of US $624 billion.

Speaking at the opening of tripartite summit today, Kenya's president Mwai Kibaki said African countries need integration to facce realities of globalisation, adding that countries have recognised that by their individuals, they are not equipped to compete on global marketplace.

"The decision we took to form regional economic blocs was therefore simply dictated by the existing realities at the time...We have now come to a point where it is evident that our regional economic groupings must come together to craft a trade bloc that reflects the new dynamics," noted president Kibaki.

He also said that with the signing concluded this would acclerate continent's dream of African Economic Community. "The tripartite summit provides an opportunity to establish a cooperation framework and create an environment in which millions of people can be lifted out of poverty," Mr Kibaki added.

Tripartite summit has brought delegates from 26 member states from three blocs who will discuss matters related to enhancing cooperation among EAC, COMESA and SADC, three of the eight regional economic communities, recognised under AU conventions as the building blocks for the African Economic Community (AEC) and continental unity.

Also on agenda of the summit are issues of multiple memberships in the three communities with a view to coordinating and harmonizing their regional integration programmes.

The 26 tripartite countries make up half of African Union (AU) membership and just over 58 percent in term of contribution to GDP and 57 percent of the total population of AU.

The tripartite summit is considered as historic because for the first time, since birth of AU, key building blocs of AEC are meeting on how to integrate territories and moving towards deepening and widening integration within overall Abuja Treaty for the establishment of AEC.

By staff writer

© afrol News

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