The South African government has deposited its instrument of ratification of the agreement that establishes the Tripartite Free Trade Area (TFTA) on the margins of the African Union Ministers of Trade meeting that took place in Egypt from December 12 to 13.
The deposit of the instrument confirms that South Africa has formally and legally committed to the TFTA.
The TFTA comprises three regional economic blocs – the Common Market for Eastern and Southern Africa (Comesa), the East African Community and the Southern African Development Community.
South Africa signed the agreement in July 2017 and Parliament ratified the agreement in October.
Of the 26 member States in the three economic blocs, 22 have signed the agreement, which will enter into full force once it has been ratified by 14 countries. South Africa is the fourth country, after Egypt, Uganda and Kenya, to have deposited its instrument of ratification.
Trade and Industry Minister Dr Rob Davies said South Africa regarded the TFTA initiative as extremely important.
“It was the tripartite initiative that led to the work of broadening the integration beyond our existing regional communities and working towards the establishment of large free trade areas across our continent, the initiative that is now taken forward by the African Union,” he stated.
Meanwhile, Comesa secretary general and Tripartite Task Force chairperson Chileshe Kapwepwe indicated that South Africa’s deposit was encouraging to the other countries that have already deposited their instruments and that there were an additional six countries in the process of depositing their instruments.
She added that the TFTA is focusing on three pillars, namely market integration, industrial development and infrastructure development, that will support the regional economic integration efforts on the continent.
South Africa’s trade with TFTA countries represents about 16% of its trade with the world.