African countries create largest free trade area since WTO - UPI.com
UPI reports: "The leaders of 44 African countries signed a historic trade agreement
Wednesday to create the largest free trade area since the creation of
the World Trade Organization in 1995.
The countries signed the African Continental Free Trade Area agreement
during the 10th Extraordinary Session of African Union Heads of State in
Kigali, Rwanda. Ten African Union countries, including Nigeria, refused
to sign the deal.
The agreement eliminates certain barriers to trade, including tariffs
and import quotas, in order to boost commerce and the economy. Each of
the signed countries would need to ratify the deal before the bloc is
formally created."
Comment: This is an interesting development. I know there are certain BP commentators who suggest that eventually the world will be divided up into ten trade blocs. This will allow for a level of economic integration that could presage true political integration on a global scale. This seems unlikely given how popular nationalist sentiment remains today but nonetheless, that's what they say will happen. I'm keeping an open mind on this one.
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