Opinion
Remaking Africa: The Tripartite Free Trade Area
The Tripartite Free Trade Area builds on achievements and lessons learned through existing trade blocs. It is not a new organization. In fact, it is a way to create the African Continental Free Trade Area (CFTA), whose negotiations were launched in South Africa in June 2015. Inspired by the diplomatic progress made under the Tripartite Free Trade Area deal, African presidents have committed themselves to create the African Economic Community by 2017. The way ahead for Africa is long. Following tariff liberalization, the continent will start negotiating the free movement of services and people. Other areas that need to be negotiated include competition policy and intellectual property.
The Tripartite Free Trade Area is a major milestone in Africa’s economic development. It paves the way for the establishment of a single African free market area using harmonized trade policies and regulations, reducing the cost of doing business and streamlining future trade negotiations.
The expansion of regional trade through COMESA has attracted various foreign firms to invest in the region. Local firms are also increasing their cross-border trade.
Above all, the Tripartite Free Trade Area will stimulate economic growth and help spread prosperity through infrastructure investments and industrial development. It will prepare Africa to become a more serious player in the global economy.
