"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



African leaders launch talks on 'Cape to Cairo' trade bloc

JOHANNESBURG: African leaders launched talks Sunday to create the continent's biggest free-trade bloc, a $875 billion (€597 billion) market that would boost the region's economic profile.
The so-called "Grand" Free Trade Area would cross 26 countries, stretching from Cape Town to Cairo, with a combined population of 700 million people.
"We meet fully conscious of the collective responsibility we bear towards Africa's founding fathers to create a single continental market of real economic value," said South Africa's President Jacob Zuma during the opening.
The proposed free trade area (FTA) would join three existing, and sometimes overlapping, blocs.
But each has different rules, with some countries belonging to more than one grouping, further complicating efforts to streamline trade.
The idea to unite these blocs was endorsed at a 2008 summit. It would bring together the continent's most developed economies of South Africa and Egypt and some of its most energetic, such as Angola and Ethiopia.
"Programs are being developed involving all three regional economic communities, together with member states, taking us a step further towards the establishment of the envisaged tripartite free trade area," said Zuma.
But the pact faces immense hurdles: tariff barriers, poor infrastructure, weak supply chains, and economies often largely reliant on natural resources rather than manufactured products.
The three existing free trade areas — of which the EAC is the most advanced — have failed to meet intra-trade targets despite removing the bulk of trade tariffs.
And the bloc includes countries hit by conflicts, coups and political turmoil, such as Libya, Madagascar, Sudan and Zimbabwe.
New World Bank research says trade within southern African accounts for just 10 percent of the total in the region — compared to 60 percent in Europe and 40 percent in North America.
Southern African Development Community (SADC) exports increased from 20 to more than 30 percent of combined GDP over the past decade, but regional trade made up a mere three percent of the increase.
Stumbling blocks include border crossings and non-tariff barriers such as import bans and permits that cut into competitiveness.
South African grocery chain giant Shoprite for example suffers losses of $500 a day for each truck delayed at border posts.
As the 19 members of the Common Market for Eastern and Southern Africa (COMESA) join the other two blocs on Sunday, the aim is to work towards combining small domestic markets into a larger, more effective force.
Swaziland's King Mswati III, who is the chair of COMESA and whose country is battling a fiscal crisis, said time had come for the existing blocs to work together.
"The integration of various regional blocs would no doubt improve trade within the African economies. This cannot be achieved overnight, it could only be done in phases, as there is a lot of work that still needs to be done," said Mswati.


Clic here to read the story from its source.