Economy

Assessing Regional Integration in Africa: Rationalizing by United Nations

By United Nations

This record examines the effectiveness of Africa's nearby fiscal groups in pushing ahead the local integration time table in the direction of the targets of the Abuja Treaty developing the African financial group. an absolutely functioning African fiscal neighborhood will eliminate all obstacles to stream of individuals, items and companies around the continent, thereby making a unmarried monetary house. The file examines the serious position that associations usually can play in attaining coverage ambitions, and the categorical position that African associations practice. The research specializes in the neighborhood fiscal groups, which were unique by way of the African Union because the development blocks for reaching the African monetary neighborhood.

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4. The transition from Cotonou Partnership Agreements to economic partnership agreements entails dividing Africa into subgroups. 5. This is beginning to change, especially in South Africa and to some extent Egypt, where businesses are beginning to pressure the government to help open African markets. 6. The Democratic Republic of Congo, Ghana, Nigeria, and a few other countries have also set up ministries devoted solely to regional integration. 7. Both the Central African Economic and Monetary Community and the West Africa Economic and Monetary Union started as monetary unions based on the CFA, and their mandates have gradually expanded.

S. market on a nonreciprocal basis. Although there are strict qualification criteria, the act has already recorded some success. -Africa trade grew 59% more in the first quarter of 2003 than in the same period in 2002, Lesotho has increased its exports to the United States by $300 million, and Kenya has 21,000 more people employed in sectors that export to the United States-all attributable to the African Growth and Opportunity Act (Mwencha 2003). Several other new initiatives between Africa and its major trading partners will also drive the continent's integration agenda in the short to medium term: the plan to establish a Euro-Mediterranean free trade area, negotiations for a free trade agreement between the United States and the Southern African Customs Union, negotiations between the European Union and the Southern African Development Community (SADC), the free trade agreement negotiated between South Africa and the European Union, the Tokyo Initiative for Cooperation for Africa7sDevelopment, and the ChineseAfrica Forum.

The European Union has been so successful that its former competitor, the European Free Trade Association, is hardly noticed. With 25 member countries (after the recent admission of 10 new members), the European Union today accounts for over 41% of world trade and is Africa's largest trading partner (ADB 2003). A more recent development likely to have a significant impact on regional integration in Africa is the European Union's proposal to negotiate economic partnership agreements with regional integration communities.

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