Common market between Africa, Egypt not in the offing
The African economic blocs summit left some feeling that the African common market idea is far-fetched.
CAIRO — The recent African economic blocs summit was proof that not all the economic agreements and conferences are effective or constitute a new step toward economic growth.
The summit, held June 10 in Egypt, included representatives of 26 countries, representing three major African economic blocs, namely the Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA) and the East African Community (EAC).
President Abdel Fattah al-Sisi inaugurated and concluded the summit, whose primary function was to try to overcome trade barriers between the states of the three blocs and countries within each bloc by reducing tariffs in preparation for the establishment of a common market between the three blocs.
There have been mixed reactions regarding the summit’s implications for the Egyptian economy. Passant Fahmy, a professor of economics at Cairo University, said the summit only has a limited effect and may not ensure a positive impact on the Egyptian economy. Medhat Nafeh, another professor of economics at Cairo University, said that the summit and the common market convention may reap positive results if certain circumstances take place.
