ABN – Over 25 African nations are set to enter into the new Tripartite Free Trade Area deal.
The new free trade area will be bigger by population than the whole of the European Union or NAFTA.
Most of southern and eastern Africa is covered in the deal, which will be signed off on 10 June in Egypt.
The deal is expected to cover 58% of Africa’s economic activity and over US$1 trillion in GDP.
Capital Economic spoke recently of Africa’s economic potential: “Over a longer time horizon, sub-Saharan Africa could also play a much larger role in world trade.
“If sub-Saharan Africa can sustain the pace of GDP growth seen over the past ten years, its share of the world economy could more than double over this time.
“While this would not be as dramatic as China’s rise over the past 35 years, it does still imply that Africa’s share of world trade will rise substantially from where it is today.”