Southern African countries launch Free Trade AreaAugust 17th, 2008 - 10:19 pm ICT by IANS
Johannesburg, Aug 17 (Xinhua) The 14 member countries of the Southern African Development Community (SADC) Sunday announced the launch of a Free Trade Area (FTA) to boost economic cooperation in the region. South African President Thabo Mbeki said: “This is a major step towards addressing the problems of poverty and underdevelopment in the region.”
The SDCA seeks to establish a Customs Union by 2010, Common Market by 2015 and creation of a Monetary Union by 2016.
The announcement was made during a summit of the SDCA here to discuss various regional issues, including political crisis in Zimbabwe and free trade.
Tags: common market, customs union, economic cooperation, johannesburg, launch, member countries, monetary union, political crisis, poverty, president thabo mbeki, regional issues, sadc, sdca, south african president, south african president thabo mbeki, southern african countries, thabo mbeki, underdevelopment, xinhua, zimbabwe