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Global news: The Significance of TFTA

  • Author:Dreamy F
  • Source:www.china-dispsoable.com
  • Release on :2016-05-20

As we know, recently, a passage written by Uganda Minister of trade and Industry department was published on the New Vision, which outlines the importance of TFTA to Uganda. In June, 2015, COMESA, EAC and SADC all signed TFTA in Egypt, which is a significant step to start CFTA negotiation.

Before signing, regional economy of SADC, EAC and COMESA has built the relevant free trade area, customs union, monetary convention and Common Market through integration work like developing trade and economic sphere. These regional economies would have some common members, so it's the urgent desire of these three economies to found an integration plan covering all areas. However, it makes the process of integration plan slow because the lack of attractiveness of this trade environment and that different countries have different trade low and supervisory system.

Uganda, as a country which has small domestic market and limited economy scale and gradually being marginalized in multilateral trade, is impossible to realize its trade target with its own effort. Therefore, it makes Uganda have the chance to join initially in the concrete actions to implement the agreement by signing TFTA. Once the Free Trade Area is founded, Uganda will be part of the big market which consists of 26 countries, covers 57% of Africa population and 58% of the GDP. And Uganda will attain more low-price and high-quality products, improve the chances of area trade and investment, create more employment opportunity and advance the competitiveness.

The next stage, TFTA will launch the second stage negotiation about service trade, trade cooperation, competitive policy, and intellectual property right and cross-border investment. And the Department of trade and Industry will participate in the negotiation actively in order to confirm the establishment of trade policy of areas and global competitiveness which benefit its private sector.

We are also very glad to see the international trading business in Africa could get more help from the goverments and global assosiations. We are looking forward to cooperate with more friends come from Africa. We are one of the best hospital bed sheets suppliers in China, disposbale face mask suppliers in China and China surgical gown manufacturer.