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- Africa’s New Tripartite Free Trade Area
- The trade deal is set to eliminate tariffs on 100 per cent of goods, stimulating economic growth, industrialisation, and sustainable development.
- Regional officials believe that the TFTA could accelerate this trend by further stimulating intra-regional trade.
Trade facilitators and experts in Africa have cautiously welcomed the recently signed Tripartite Free Trade Area (TFTA) that brings together three trading blocs in East and Southern Africa, saying it is meaningless without a security protocol.
According to experts from TradeMark East Africa and East Africa Business Community (EABC), although the inter-regional deal that came into force on July 25 has an Annex on cooperation on customs trade matters and general infrastructure, there is none on security.
In a statement, the trade facilitators said a security pact would enhance other integration aspects by erasing existing suspicion amongst some member states.
“There are strong connections between security and trade so, in the future, TFTA members need to raise a protocol on security whose implementation will be difficult considering the large membership.” “Despite the hardles, we remain optimistic that the deal will achieve desired objectives.”
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In his report dubbed ‘Prospects for Africa’s Tripartite Free Trade Agreement in the Light of lessons acquired from the East African Community’, Mirito says countering the terrorism threat requires cooperation between governments at the bilateral, regional and global levels.
“Such cooperation includes sharing intelligence, common training, and capacity building.” He adds that political challenge is also another threat to the pact.
Africa’s New Tripartite Free Trade Area
The pact which has been in the works since 2015 brings together three of Africa’s major regional economic players—theCommon Market for Eastern and Southern Africa (Comesa), the Southern African Development Community (SADC), and the East African Community (EAC).
Based on three main pillars of market integration including trade liberalisation, infrastructure development and industrial development seeks to improve trade within the continent which is currently at a paltry 20 per cent.
The trade deal is set to eliminate tariffs on 100 per cent of goods, stimulating economic growth, industrialisation, and sustainable development.
It will fast-track a free trade area and arrangements for the movement of businesspersons; focus on enhancing connectivity and reducing business costs; and create a supportive environment by improving regulatory and legal frameworks.
It intends to add value, diversify industries, increase productivity and competitiveness, and implement programs for structural change.
Over the last few years, several initiatives to harness intra-regional trade have been undertaken by the three regional economic communities that are now merging to form the TFTA.
The launch of the TFTA was the peak of a process that started in 2008 with the first summit held in Kampala, Uganda.
Last Thursday, Angola came on board, leading to the much-needed ratification by 14 members. The agreement shall remain open for attainment by other member states of the African Union.
The 26 nations have a combined population of 632 million people or 57 per cent of Africa’s population, and a gross domestic product of $1.3 trillion (Sh169 trillion).
Over that period, the total exports share of intra-regional trade has increased from seven percent to 25 per cent.
While these shares are low compared to European nations (70 per cent) or Asian (50 per cent) standards, the trend, according to Trademark show that trade among the tripartite members nations grew faster compared to trade relations with the rest of the world.
Regional secretariats believe that the TFTA could stimulate this trend by further acelerating intra-regional trade.
The pact is considered by regional policymakers and some analysts to be a great deal and a potential game changer for the African trading system and the more than half a billion citizens of the member nations.
“Indeed, the pact is expected to be the launching base for the establishment of a more strategic Continental Free Trade Area that is expected to cover all of African nations,” Brookings says in its latest analysis of the pact.
According to the report, the coming into force has demonstrated the potential of a collective action among 26 very heterogeneous nations with GDP per capita ranging from $16,000 (Sh2.08 million) to $270 (Sh35,100) and shows the feasibility of harmonising three very different preferential trade regimes into one unified scheme.
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