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Southern African nations press ahead with economic integration

(Xinhua)
Updated: 2006-10-24 09:12

JOHANNESBURG - Leaders of Botswana, Zimbabwe and Swaziland signed here a protocol on economic integration in southern Africa on Monday.

The protocol was signed by Botswana's President Festus Mogae, Zimbabwean President Robert Mugabe and Swaziland's Prime Minister Absalom Themba Dlamini. It brings the number of countries who inked the Protocol on Finance and Investment from seven to ten.

The majority of the Southern African Development Community ( SADC) members signed the protocol at an extraordinary summit in Midrand, between Johannesburg and Pretoria, in August.

Lesotho's Prime Minister and current SADC chairman Pakalitha Mosisili said, "It would appear that the region is on course to the establishment of a Free Trade Area by 2008."

"The talks today focused on ensuring that we are all winners and that there would be no losers in integration, that the small economies will be also catered for and will benefit fully," said Mosisili.

The SADC considers it as a cornerstone in improving economic environment as well as the attractiveness of the region as an investment area.

The protocol would complement the move toward a Free Trade Area which would be the first step towards one monetary union, similar to the European Union, in southern Africa.

The Free Trade Area would be followed by the establishment a Customs Union by 2010, a Common Market by 2015 and Economic and Monetary Union by 2018.