ECONOMIC BLOCS FREE

ECONOMIC BLOCS FREE

It stands as one of the largest and most important free trade areas (FTA) in the world, and together with its network of dialogue partners, drove. The six founding members of WAMZ are planning to introduce a common currency, called Eco. The ASEAN Free Trade Area (AFTA) is a trade bloc agreement by the Association of Southeast Asian Nations supporting local trade and manufacturing in all ASEAN countries, and facilitating economic integration with regional and international allies. The second monetary organization founded by ECOWAS member states is West African Monetary Zone (WAMZ). These countries are Benin, Burkina Faso, CГґte dвЂ™Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. These countries share CFA franc as the common currency. West African Economic and Monetary Union (UEMOA) is a common organization for ECOWAS members. The organization is headquartered in Abuja, Nigeria.Д®COWAS also has monetary policies for its member countries. The ECOWAS Free Trade Area consists of member countries and it is the largest active free trade area in West Africa. ECOWAS currently has 15 member countries: Benin, Burkina Faso, Cabo Verde, Cote dвЂ™Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.

The members states are adopting a common import tariff. ECOWAS has its own free trade area since 1990. The Economic Community of West African States (ECOWAS) was founded in 1975 in order to promote economic cooperation and to increase living standards in member countries. SADC (Southern African Development Community), COMESA (Common Market for Eastern and Southern Africa) and EAC (East African Community) formed the Africa Free Trade Zone (AFTZ) in 2008. All the member states except Angola and DRC participated in the Free Trade Area. The SADC Free Trade Area (SADC FTA) was established in 2008 to promote international trade among member countries. SADC is headquartered in Gaborone, Botswana. Total import and export figures are $185 Billion and $191 Billion respectively. The SADC region has a population of 350 million people and GDP of $721 Billion. SADC currently has 16 member states: Angola, Botswana, Comoros, Democratic Republic of Congo (DRC), Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, United Republic of Tanzania, Zambia and Zimbabwe. Thus a partnership between the counties is both essential and timely and creates a practical framework through which county government efforts can be pooled to harness the abundant natural resources, build on existing strengths and address challenges.The Southern African Development Community (SADC) was established in 1980 and it aims to support the economic growth and develop the socio-economic status of member countries.

They not only have similar ecological zones and natural resources, they have analogous cultural histories that date back to historical migrations and trading routes. The counties that constitute the Lake Region Economic Bloc in this are Bungoma, Busia, Homa Bay, Kakamega,Kisii, Kisumu, Migori, Nyamira, Siaya,Trans Nzoia, Kericho,Bomet, Nandi and Vihiga. The Economic Blueprint is designed to guide development efforts by leveraging existing assets,addressing constraints and defining key steps that leaders and citizens of the region can take to transform the shared vision of prosperity into reality. The Lake Region Economic Bloc presents the socioeconomic aspirations of 14 counties in the Lake Basin Region and seeks to boldly secure and shape the regionвЂ™s destiny. The Lake Region is one of the most densely populated regions of Kenya with over 14 million people which constitute about 30% of the population in Kenya.

Economic blocs