The Eighth Meeting of the COMESA-EAC-SADC Tripartite summit has started on Sunday in the presence of top leaders of 26 African states.
The African landmark event is hosted by Egypt in Sharm El Sheikh from June7 till June 10, 2015. It will witness signing the African Trade Zone (AFTZ) agreement between Africa’s top three economic blocks; The Common Market for Eastern and Southern Africa (COMESA), Southern African Development Community (SADC) and East African Community (EAC).
The summit is scheduled be attended by high-profile officials and experts to prepare special reports set to be presented to the presidents.
The reports will include one about the third meeting of Tripartite Sectoral Committee of Ministers meeting on trade held in Bujumbura, Burundi and other about the agreement of the Free Trade Area (FTA).
On the other side, Sayed El Bous -Adviser to Egyptian Minister of Industry and Foreign Trade- asserted that the importance of this meeting is basically to sign the agreement of Comesa-EAC-SADC Tripartite FTA by which the 26 African states would seize 60% of Africa’s gross domestic product (GDP) and 52% of its total population.
Moreover, The proposed Tripartite Free Trade Area is based on three main pillars–market integration, infrastructure development and industrial development– reflecting the fact that there are multiple obstacles to trade in the region and it requires efforts to increase and diversify industrial production and improve transport infrastructure.
