Egypt soon seeks to sign a free trade agreement composed of the three major African blocks, namely the Common Market for Eastern and Southern Africa (COMESA), Southern African Development Community (SADC) and the East African Community (EAC), Industry and Foreign Trade Minister Fakhry Abdel Nour said in a statement on Wednesday.
This came during talks held Wednesday between Abdel Nour and COMESA Secretary-General Sindiso Ngwenya, who is currently visiting Cairo.
"The free trade agreement aims to promote common trade, customs and economic liberalization and attract investments between 26 countries member of the three blocks," Abdel Nour added.
The merger of the three blocks' economy, which represents about US$1.2 trillion, 60 percent of the total economy of the African continent, and 625 million inhabitants, reveals the extent of the economic strength of this coalition, the minister added.
Trade relations between Egypt and COMESA member states have seen a big jump in the last period, where the Egyptian exports to the countries of the organization reached $1.12 billion during the first half of 2014, while the value of Egyptian imports from these countries during the same period was about $310 million.
