In an attempt to unite leading African
economies, three African economic blocs will merge into a new 27-nation
free-trade zone in December.
The new bloc, worth 58% of the
continent's economic activity, will combine the Common Market for Eastern and
Southern Africa (COMESA), the South African Development Community (SADC), and
the East African Community (EAC).
An agreement to this effect will be signed in Cairo next month, said Egypt’s Industry and trade minister Mounir Fakhry Abdel Nour. The Africa initiative will create
"one huge free-trade union" allowing foreign investors in Egypt to
more easily reach 260 million consumers from South Africa to Ethiopia.
Egypt is also pursuing trade agreements with the
Eurasian Economic Community and the South American trade bloc Mercosur in order
to win back foreign investors who left Egypt due to the political turmoil that
began with a popular uprising in 2011.
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