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Tripartite Free Trade Area to boost Malawi companies market

Written by  Mana

The Minister of Trade and Industry Joseph Mwanamvekha, has said the Tripartite Free Trade Area (TFTA) launched on Wednesday in the presence of 26 African countries in Egypt would help companies in Malawi find a bigger market on the international market.

Mwanamvekha Mwanamvekha
11
June

Mwanamvekha said this in an interview with Malawi News Agency (MANA) Monday, in Sharma El Sheikh, Egypt on the sidelines of council meeting for ministers from Common Market for Eastern and Southern Africa (COMESA) Southern Africa Development Community (SADC) and East African Community (EAC).

 

The Free Trade Area between the three regional blocs will be launched at the third summit of the tripartite heads of state and government in the Egyptian resort city of Sharm El Sheikh.

President Arthur Peter Mutharika is attending the meeting.

 

Mwanamvekha said the free trade area would ensure that manufacturing companies in Malawi improve on their produce to ensure that they reach an enlarged market covering 26 countries.

 

“Our companies need to improve on value adding to their produce, because this tripartite FTA is also raising standards of production.”

 

Mwanamvekha also said the FTA would also help ease movement of goods and people within its membership.

 

Other objectives of the TFTA are to harmonise policies in areas of common interest and address the issue of multiple membership.

 

Malawi belongs to both COMESA and SADC. The issue of dual membership by countries to regional blocks was said to be costly, hence the idea of economic integration by members states of the three blocks to create a common and robust market.

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