By Shaimaa Elise and Nehal Mounir
Sindiso Ngwenya COMESA secretary -General said that the free trade agreement between COMESA, SADC, and the East African Community (EAC) aims to unify the rules of origin among member states to facilitate trade.
During a press conference held on the sidelines of the African blocs conference Sunday, Ngwenya said that they agreed to work on the current rules of origin until the completion of the unified rules of origin procedures.
“Signing the agreement between the three largest economic blocs paves the way for the formation of the African Free Trade Union,” said Ngwenya. “The free trade agreement is not limited to trade only, but makes way for enhancing infrastructure investment between the African countries in order to facilitate the trade exchange movement between countries.”
He noted that countries seek through this agreement to create more job opportunities for their citizens.
The economic advisor to the Minister of Industry, Sayed Albossi, said that the activation of a free trade agreement with the signatory countries will take place in 2017.
He stressed that the measures taken by the Central Bank of Egypt (CBE) to open documentary credit are not inconsistent with international conventions.