SHARM EL-SHEIKH, EGYPT (MaraviPost)—Malawi President Peter Mutharika on Wednesday joined fellow Heads of State and Government of the Common Market for Eastern and Southern Africa (COMESA), East African Community (EAC) and Southern African Development Community (SADC) in launching the COMESA-EAC-SADC Tripartite Free Trade Area in Sharm El-Sheikh, Egypt.
The Launch of the Tripartite Free Trade Area (TFTA) where twenty six (26) member states of Southern Africa Development Community (SADC), Common Market for East and Southern Africa (COMESA), and the East African Community (EAC) have collectively formed a Free Trade Area (FTA) with a combined population of 530 million people, and a Gross Domestic Product of approximately US$ 630 billion representing 50% of Africa’s economic output, has a lot in store for Malawi.
Maravi Post has learnt that the TFTA is a considerable progress particularly in terms of tariff liberalization and harmonization of customs rules and procedures against the background of the continued use of different trade regimes as guided by the existing Regional Economic Communities (RECs) such as SADC, COMESA, EAC and ECOWAS.
The TFTA signing has made considerable progress in developing common understanding on key elements that will allow effective implementation of the FTA such as exchange of tariff offers and interim agreement on rules of origin.
Maravi Post further learnt that the launch of the TFTA means more trade amongst African countries than each nation trading with countries outside Africa arguing that trade and industrialization will have an increased impact on poverty eradication in Africa, particularly amongst women and youth.
According to Minister of Trade and Industry, Hon. Joseph Mwanamveka, all the twenty six countries that are in the COMESA-EAC-SADC economic regions have since signed the agreement officially establishing the TFTA and launching it.
President Mutharika’s Facebook page earlier on indicated that he will receive in audience Mr Yehia of New Valley Tobacco Manufacturing Company and will also hold talks with His Excellency Abdel Fattah el-Sisi, President of the Arab Republic of Egypt.