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| African free trade zone is agreed | African free trade zone is agreed |
| (10 minutes later) | |
| The leaders of three African trading blocs on Wednesday agreed to create a free trade zone of 26 countries with a GDP of an estimated $624bn (£382.9bn). | The leaders of three African trading blocs on Wednesday agreed to create a free trade zone of 26 countries with a GDP of an estimated $624bn (£382.9bn). |
| It is hoped the deal will ease access to markets within the region and end problems arising from the fact several countries belong to multiple groups. | It is hoped the deal will ease access to markets within the region and end problems arising from the fact several countries belong to multiple groups. |
| The deal also aims to strengthen the bloc's bargaining power when negotiating international deals. | The deal also aims to strengthen the bloc's bargaining power when negotiating international deals. |
| Analysts say the agreement will help intra-regional trade and boost growth. | Analysts say the agreement will help intra-regional trade and boost growth. |
| The three blocs which struck the deal were the Southern African Development Community (SADC), the East African Community (EAC) and the the Common Market for Eastern and Southern Africa (Comesa). | The three blocs which struck the deal were the Southern African Development Community (SADC), the East African Community (EAC) and the the Common Market for Eastern and Southern Africa (Comesa). |
| "The greatest enemy of Africa, the greatest source of weakness has been disunity and a low level of political and economic integration," said Ugandan President Yoweri Museveni at a meeting with the heads of state who chair the three trade blocs. | "The greatest enemy of Africa, the greatest source of weakness has been disunity and a low level of political and economic integration," said Ugandan President Yoweri Museveni at a meeting with the heads of state who chair the three trade blocs. |
| The agreement will also lend its backing to joint infrastructure and energy projects in the zone. | The agreement will also lend its backing to joint infrastructure and energy projects in the zone. |
| Groupings | Groupings |
| The three blocs are already well-established in their own right but cover varying swathes of land and numbers of people. | The three blocs are already well-established in their own right but cover varying swathes of land and numbers of people. |
| The SADC was first established as the Southern African Development Coordination Conference in 1980 in order to reduce independence on apartheid South Africa. | The SADC was first established as the Southern African Development Coordination Conference in 1980 in order to reduce independence on apartheid South Africa. |
| It was reincarnated as the SADC in 1992. It covers a population of some 248 million people and a zone whose cumulative GDP is $379bn in 2006. | It was reincarnated as the SADC in 1992. It covers a population of some 248 million people and a zone whose cumulative GDP is $379bn in 2006. |
| FREE TRADE BLOC MEMBERS The 26 African countries involved in the deal are: Angola, Botswana, Burundi, Comoros, Djibouti, the Democratic Republic of Congo, Egypt, Eritrea, Ethiopia, Kenya, Lesotho, Libya, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Rwanda, Seychelles, Swaziland, South Africa, Sudan, Tanzania, Uganda, Zambia and Zimbabwe | |
| The SADC's members include South Africa, Tanzania, Zambia and Zimbabwe. | The SADC's members include South Africa, Tanzania, Zambia and Zimbabwe. |
| Comesa was established in 1994 and replaced the Preferential Trade Area. It includes 398 million people and the area has a combined GDP of $286.7bn in 2006. Among its members are Zimbabwe, Zambia, Uganda and Sudan. | Comesa was established in 1994 and replaced the Preferential Trade Area. It includes 398 million people and the area has a combined GDP of $286.7bn in 2006. Among its members are Zimbabwe, Zambia, Uganda and Sudan. |
| EAC is the smallest of the group in terms of GDP, and had a GDP of $46.6bn in 2006. Set up in 1967, disagreements between founding members Uganda, Kenya and Tanzania led to its collapse. | EAC is the smallest of the group in terms of GDP, and had a GDP of $46.6bn in 2006. Set up in 1967, disagreements between founding members Uganda, Kenya and Tanzania led to its collapse. |
| A treaty was signed for its re-establishment in 1999 and the new EAC was formed in 2000. | A treaty was signed for its re-establishment in 1999 and the new EAC was formed in 2000. |