JOHANNESBURG: South Africa, the second largest economy in Sub-Saharan Africa, has joined Kenya and other regional countries in signing of the Tripartite Free Trade Area (TFTA) aimed at easing doing business on the continent.
Johannesburg joined the FTA pact during the ministerial meeting that was held in Kampala, Uganda last week.
TFTA brings together three business regional blocs of Common Market for Eastern and Southern Africa (Comesa), East African Community (EAC) and Southern African Development Community (SADC).
Kenya is a member of Comesa and EAC.
“South Africa signed the agreement the very hour that the remaining three Annexes to the Tripartite Agreement were adopted by the ministers following the conclusion of the ministerial meeting,” said Comesa Director of Trade and Customs Francis Mangeni in a statement.
The entry of South Africa brings the total number of countries that have signed to 19.
A total of 14 ratifications are required for the agreement to enter into force.
The objectives of TFTA is to promote economic and social development of the region, create a large single market with free movement of goods and services and to promote intra-regional trade.
