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DR Congo joins major African trading bloc

Xinhua, April 29, 2016 Adjust font size:

Africa's biggest trading bloc said on Friday that the number of its members participating in its free trading arrangement has now reached 16 following the joining of the Democratic Republic of Congo (DR Congo).

Common Market for Eastern and Southern Africa (COMESA) director of trade Francis Mangeni said authorities in DR Congo recently passed a law requiring that country to join the region Free Trade Area (FTA).

"This is brilliant news because DRC has a very large economy with rich mineral resources, market and population size that will now be included in the larger COMESA market," he said.

Two other countries are expected to enlist soon, he added.

He said in a statement that the development will boost the levels of investment and intra-regional trade for the regional bloc.

The official said DR Congo's accession to the FTA will be done through a three-year phased down approach starting in 2016 with a 40 percent reduction on duty followed by a 30 percent reduction in 2017 and another 30 percent in 2018.

This will eventually bring the charges to 0 percent, which is a requirement for a country to fully participate in the FTA, he added.

The regional bloc's FTA was launched in October 2000 to provide duty free and quota free market access to member countries on goods originating from within COMESA.

Current members participating in the free trading arrangement are Burundi, Comoros, Djibouti, DR Congo, Egypt, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Uganda, Zambia and Zimbabwe. Endit