Mike Bird of Business Insider is reporting that Africa is about to launch a Cairo-to Cape Town free trade area that is bigger than the European Union. Bird reports:
“The world is just about to get a free trade area that’s bigger, by population, than either the European Union or NAFTA.
It’s got nothing to do with the much-publicized Trans-Pacific Partnership (TPP) Transatlantic Trade and Investment Partnership (TTIP). In fact, you’ve probably never heard of it.
It’s actually the Tripartite Free Trade Area, a deal that will wrap together 26 African nations with a population north of 600 million.
The agreement will be signed off on June 10 in Egypt. Much of west Africa isn’t covered, but the deal means a huge stripe of southern and eastern Africa will be.
According to the Brookings Institution, it’ll cover 58% of Africa’s economic activity and over $1 trillion (£651.1 billion) in GDP.”
Capital Economics named Africa as one of the world’s few potential bright spots for boosting global trade.
Read more at Business Insider.