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Trade Liberalization, Investment and Economic Integration in African Regional Economic Communities towards the African Common Market

image of Trade Liberalization, Investment and Economic Integration in African Regional Economic Communities towards the African Common Market
This report reviews the progress in African regional integration processes, suggesting an option for revising the timeframe for accelerating continental integration. Several recommendations related to accelerating integration; the need for a development-driven regional integration; the focus on export value addition and diversification in manufactured goods and services; and, enhancing competition policy and attracting more foreign and domestic investment have been made. This report concludes that there is an urgent need to expand integration with regards to international trade.

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Conclusion

African Union Heads of State and Government have agreed on accelerating implementation of the Abuja Treaty with a view to creating an African Common Market and Economic Community. An integrated African economy and continent is expected to create sustainable conditions for internally dynamic opportunities for employment creation, income-earning possibilities for peoples and enterprises, reduce poverty, improve access to basic services and encourage economic transformation toward highly industrialized and knowledge-based economies that is also resilient to external shocks. Such African integration must be people-centred and development-oriented.

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