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Africas Economic Blocks

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Currently, the African continent has several economic communities that tend to look into the economic aspects of a region. In essence, the formation of these communities relies on certain aspects that include proxy between nations and also the economic activities existing within the region. However, these communities have heads that may range from presidents to ministers within their respective countries. Ideally, economic partnering by African states has been vital in ensuring regional growth rather than individual growth of a state. These trading blocks also have significance in reducing duty across members that have enhanced interstate trade.

Objectively, these trading communities help in attracting foreign investments because of the policy frameworks formulated in their summits. Some of these policies include the establishment of common travel documents among member states within certain trading blocks to facilitate easy trade. In other communities, the imposition of agreed tax levels has also proved essential in attracting investments by interested investors. This is to mean that the investor perspective on the intended profit levels stands in their favor hence not inhibiting them. Some of these economic trading communities include the East African community, the Common Eastern and Southern African market, and the Development Community of Southern Africa (Dundas, 2011, 214).

In October 2008, these weighty trading communities signed agreements to authorize African states to trade in a free zone. Essentially, this birthed the African Free Zone Trade, a single free trade area existing among twenty-six African states under the three principal trading regions (Synott, 2004: 119). The estimated gross development profit within this newly created bloc stands at approximately six hundred and twenty-four US dollars.     In essence, the creation of this economic bloc assisted in member states that belonged to several other economic communities to have a single involvement with a trading community that has all the benefits of all other trading communities.

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preview essay on Africas Economic Blocks
  • Pages: 10 (2500 words)
  • Document Type: Essay
  • Subject: Business
  • Level: Undergraduate
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