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Nigeria, Kenya, South Africa, Egypt to establish FTA

by ChemOrbis Editorial Team - content@chemorbis.com
  • 06/09/2016 (14:09)
According to media reports, Kenya, Nigeria, South Africa and Egypt will establish a free trade zone (FTA) to promote trading activities within the region and to boost economic growth.

The information was reported per a communiqué issued by foreign and trade ministers of these countries after meeting on the sidelines of the Tokyo International Conference on African Development (TICAD) held in Nairobi last week. The countries aim to establish a trade and economic partnership, to organize and deepen and expand their economic relationship.

Kenya’s President Uhuru Kenyatta reportedly stated that an increase in commodity exchange would speed up integration, develop larger markets and facilitate competition.

Prepared by a consortium of the African Development Bank (AfDB), the OECD Development Centre and the United Nations Development Programme (UNDP), the 2016 African Economic Outlook suggests that trade within the African continent could be stimulated by stronger manufacturing trading between the nations.
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