(MENAFN- The Peninsula) Senior officials of three African economic blocs held talks on a "one trade regime" that would forge a common market spanning the continent, at a meeting in Egypt on Sunday
The Tripartite Free Trade Area (TFTA) is to be launched at a summit of heads of state and government on Wednesday in the Red Sea resort town of Sharm el-Sheikh, aimed at establishing a common framework for tariff preferences along with other commitments.
The deal between the East African Community, Southern African Development Community and the Common Market for Eastern and Southern Africa would create a 26-country market with a population of 625 million and gross domestic product worth more than $1 trillion (900 billion euros).
On Sunday, senior officials from the three economic blocs held negotiations on the details of the deal in Sharm al-Sheikh.
"We are here for a historic summit... the result of this deal will be a one trade regime," Sindiso Ngwenya, secretary general of COMESA, told reporters after an opening session.
"What we have realised is that having one trade regime is better than the costly multiple trade regimes," said Ngwenya, who is leading the negotiations between the three blocs.
Delegates at Sunday's preparatory meeting of officials said the deal would substantially boost trade between the 26 countries.
"The deal essentially will facilitate free movement of goods across the 26 member countries without duties," Peter Kiguta, director general of East African Community, told AFP.
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