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A.F.T.Z. (African Free Trade Zone)
Transcript of A.F.T.Z. (African Free Trade Zone)
African Free Trade Zone The Creation of: Who? What? Why? Where? Major Blocs SADZ: Southern African Development Coordination Conference COMESA:Common Market for Eastern and Southern Africa 15 states including: South Africa, Tanzania, Zambia and Zimbabwe. 19 member states including:Zimbabwe, Zambia, Uganda and Sudan EAC:East African Community Kenya, Uganda, the United Republic of Tanzania, Republic of Rwanda and Republic of Burundi Why did they unify? Organization A World Voice Africa was divided into several different blocs.
Many countries were in multiple trading blocs.
Conflicting policies lead to confusion and inefficency Africa's individual countries and blocs have insufficent power in the world economy
Lack of power leaves African countries at the mercy of world powers
Combined the A.F.T.Z has a higher bargaining power in international deals. How? When? E.I.L. (Economic Intergration Level) Wednesday October 22, 2008 The Africa Free Trade Zone (AFTZ) is a free trade zone announced at the EAC-SADC-COMESA Summit The Signing: GDP of an estimated $624bn What now?
The A.F.T.Z. is looking to advance in stages of economic intergation from a free trade area. First the A.F.T.Z. is trying to create regional trade blocs in all areas without one. Later, the A.F.T.Z. lays the foundation for the AEC, which plans to create a customs union, a single market, a central bank, and a common currency thus establishing an economic and monetary union for the African Union. How do A.F.T.Z. countries deal with other nations? As a free trade area, countries inside of A.F.T.Z. countries can trade as they wish with foreign nations. BUT FOR HOW LONG... Refrences: