African Regional Blocs

The African regional blocs

1.East African Community (EAC),
2. Economic Community of Central African States (ECCAS),
3.Southern African Development Community (SADC),
4.Economic Community of West African States (ECOWAS)

South Africa and Nigeria are the first and second largest exporters from the continent. African merchandise trade has risen faster than those of the developed and developing economies. However, the continent still accounts for a very low share of international trade. However, the structure and pattern of trade vary significantly by-products and regions.

Undoubtedly, trade has come with both benefits and daunting challenges to countries involved, especially in African nations, where primary and intermediate merchandise formed a substantial share of exports. Because advanced and newly industrialized economies have better technology and know-how, manufacturing industries, access to finance, and market than Africa, they have a greater market proportion in the world trade.

The frequent global oil crunch other raw products are a wake-up call for a rapid industrialization and diversification for competitiveness in Africa. The World Trade Organization (WTO) has to ensure that defensive trade remedies should not be the next frontier of protectionism. Finally, for trade, growth, and development to be stimulated, African countries should urgently open their markets to expand intra-African trade.