Kenya is expected to join other regional countries on Thursday, July 25, when the COMESA-EAC-SADC Tripartite Free Trade Area (TFTA) Agreement, will come into force.
This was announced by East African Community (EAC) Secretary General Veronica Nduva noting that EAC member states would benefit from the trading bloc.
The trading partnership will be composed of 29 member states making the TFTA the largest trade agreement in the African continent.
In perspective, the TFTA will bring together 53 per cent of the African Union membership and more than 60 per cent of the continental Gross Domestic Product of USD1.88 trillion.
With the free trade area covering Eastern, Central and Southern Africa, over 800 million of Africa’s 1.2 billion population is set to benefit.
The Free Trade Area (FTA) will enhance market access for Kenyan goods raising the prospects of trade prosperity for local entrepreneurs.
It will also address the issue of multiple memberships and further the objectives of cooperation, harmonisation, and coordination of policies among the three regional economic communities.
According to a statement from EAC, the tripartite framework will enhance market integration through trade liberalisation achieved by the creation of an FTA and arrangements for the movement of business persons.
The trading partnership will also promote infrastructure development through a focus on enhancing connectivity and reducing business costs.
Lastly, member states aim to realise industrial development by creating a supportive environment through improving regulatory and legal frameworks, adding value, diversifying industries, increasing productivity and competitiveness, and implementing programmes for structural change.
"The United Republic of Tanzania reported that it was in the process of ratifying the Agreement, while the Republic of South Sudan reported that it had begun the process of signing and ratifying the Agreement," she spoke of the two countries in EAC yet to ratify the Agreement.
The TFTA will not contradict a similar Free Trade Area agreement signed by EAC member states.
