AFRICA is a continent endowed with a lot of resources and yet the continent continues wallowing in poverty with most of its people living below the poverty datum lime.

There have been several issues of humanitarian crises in Africa and most of these have dwelt on the debilitating poverty crises that many African countries face.

Some economists argue that the absence of economic growth is in part due to a detrimental geography that impacts on the economies of the countries.

Another cause for the sluggish economies, it is argued, is the insufficient cooperation among member states.
This could, however, be significantly eased when some of Africa’s regional groupings sign a pact.

Minister of Foreign Affairs Harry Kalaba says the three regional groupings will next month sign a tripartite agreement aimed at emancipating Africa from poverty through a well-coordinated trade environment.

The three regional groupings: Southern African Development Community (SADC), Common Market for Eastern and Southern Africa (COMESA) and the East African Community (EAC) will sign an agreement to enhance trade.

The tripartite agreement will be signed in Egypt’s resort city of Sharm El Sheikh on June 10, 2015.
This is a welcome development because African stands to benefit from increased inter-continental trade and this development can translate into more revenues for respective countries.

The removal of tariff barriers will help African countries improve trade amongst themselves and this would serve as a catalyst for enhancing trade and lead to more revenues.

It has long been realised that trade is a means of increasing incomes and this plays a critical role in poverty reduction among all nations of this world.

Member states can look forward to the Sharm El Sheikh summit with hope that Africa is seeking a home-grown solution to its economic challenges

As Mr Kalaba has said there can be tremendous industrialisation on the continent if Africans could trade more amongst themselves and if countries insist on adding value to materials.

When African countries begin to trade more with themselves there will be more movement of goods and services. An increased movement of goods and services within the continent can go a long way in helping to create employment and generate revenue for the respective countries.

SADC, COMESA and EAC should not just sign this agreement but ensure that their citizens are fully aware of what this entails.

It is the citizens who ensure that there is increased trade by using the trade agreement
It is hoped too that all countries in the regional groupings not only endorse the agreement but actually commit to it. There is often the challenge of protecting local interests, but we hope that all member countries will see the need for a bigger market across national borders.

Increased trade within Africa will help the living standards of African people in a win-win outcome.

Source: Zambia Daily Mail

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of TradeMark Africa.