By Rudo Saungweme
Cabinet approved the Ratification of the COMESA-EAC-SADC Tripartite Free Trade Area (TFTA) Agreement at its 44th Cabinet meeting held yesterday at Munhumutapa building.
The Minister of Justice, Legal and Parliamentary Affairs Honourable Ziyambi Ziyambi and Chairman of the Cabinet Committee on Legislation presented the TFTFA Agreement before cabinet said that TFTA brings together combined membership of COMESA, EAC, and SADC under a single free trade area, thereby addressing the challenge of multiple membership and boosting intra-regional trade and economic development among Member States.
Minister Ziyambi said the TFTA seeks to promote economic and social development of the Tripartite region, create a large single market with free movement of goods and services in order to promote intra-regional trade and to enhance the regional and continental integration processes.
The TFTA will bring together 29 African countries with a combined current population of more than 632 million people and a combined Gross Domestic Product of US$1.3 trillion
Minister Ziyambi said that the TFTA constitutes half of the African Union in terms of membership thereby creating opportunities for economies of scale for producers of various goods and services in the Tripartite region.
The Minister said that Zimbabwe stands to benefit immensely from membership of the TFTA and that the country will no longer be restricted to the production of traditional goods and, instead ,will become the hub for new manufacturing operations that serve wider markets.
