![]() ![]() The United States was a party to a broad Pacific Trade deal called the Trans-Pacific Partnership but withdrew, and the remaining 11 members stayed together to form the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). RCEP would also become the world's largest export supplier and second-largest import destination (Figure 2). The countries involved in the agreement accounted for nearly 30% of global GDP in 2019, topping NAFTA as the world's largest trade bloc (Figure 1). Why have some heralded RCEP as a landmark agreement? For starters, any trade agreement more than eight years in the making that brings together leaders from 15 members over 28 rounds of formal negotiation could be considered monumental. The formation of RCEP highlights the multilateral approach to trade rules in Asia and creates a bright contrast to the United States' current largely unilateral and bilateral approach to trade relationships. The Regional Comprehensive Economic Partnership (RCEP) was eight years in the making and includes the 10 nations of the ASEAN, Australia, Japan, New Zealand, South Korea, and China. #EU TRADE BLOCS FREE#The members are Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone.Last month, fifteen nations signed a free trade agreement of economic and political significance. The six founding members of WAMZ are planning to introduce a common currency, called Eco. The second monetary organization founded by ECOWAS member states is West African Monetary Zone (WAMZ). These countries are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. These countries share CFA franc as the common currency. ![]() West African Economic and Monetary Union (UEMOA) is a common organization for ECOWAS members. The organization is headquartered in Abuja, Nigeria.ĮCOWAS also has monetary policies for its member countries. The ECOWAS Free Trade Area consists of member countries and it is the largest active free trade area in West Africa. ECOWAS currently has 15 member countries: Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. The members states are adopting a common import tariff. ECOWAS has its own free trade area since 1990. The Economic Community of West African States (ECOWAS) was founded in 1975 in order to promote economic cooperation and to increase living standards in member countries. SADC (Southern African Development Community), COMESA (Common Market for Eastern and Southern Africa) and EAC (East African Community) formed the Africa Free Trade Zone (AFTZ) in 2008. All the member states except Angola and DRC participated in the Free Trade Area. The SADC Free Trade Area (SADC FTA) was established in 2008 to promote international trade among member countries. SADC is headquartered in Gaborone, Botswana. Total import and export figures are $185 Billion and $191 Billion respectively. The SADC region has a population of 350 million people and GDP of $721 Billion. SADC currently has 16 member states: Angola, Botswana, Comoros, Democratic Republic of Congo (DRC), Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, United Republic of Tanzania, Zambia and Zimbabwe. The Southern African Development Community (SADC) was established in 1980 and it aims to support the economic growth and develop the socio-economic status of member countries. ![]()
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