Economy of Africa - Trade Blocs and Multilateral Organizations

Trade Blocs and Multilateral Organizations

The African Union is the largest international economic grouping on the continent. The confederation's goals include the creation of a free trade area, a customs union, a single market, a central bank, and a common currency (see African Monetary Union), thereby establishing economic and monetary union. The current plan is to establish an African Economic Community with a single currency by 2023. The African Investment Bank is meant to stimulate development. The AU plans also include a transitional African Monetary Fund leading to an African Central Bank. Some parties support development of an even more unified United States of Africa.

International monetary and banking unions include:

• Central Bank of West African States
• Bank of Central African States
• Common Monetary Area

Major economic unions are shown in the chart below.

African Economic Community
Pillars regional blocs (REC)	Area	Population	GDP (PPP)		Member states
AEC	29,910,442	853,520,010	2,053,706	2,406	54
ECOWAS	5,112,903	300,000,000	703,279	1,748	15
ECCAS	6,667,421	121,245,958	175,928	1,451	11
SADC	9,882,959	233,944,179	737,335	3,152	15
EAC	1,817,945	124,858,568	104,239	1,065	5
COMESA	12,873,957	406,102,471	735,599	1,811	20
IGAD	5,233,604	187,969,775	225,049	1,197	7
Other African blocs	Area	Population	GDP (PPP)		Member states
CEMAC	3,020,142	34,970,529	85,136	2,435	6
SACU	2,693,418	51,055,878	541,433	10,605	5
UEMOA	3,505,375	80,865,222	101,640	1,257	8
UMA	5,782,140	84,185,073	491,276	5,836	5
GAFTA	5,876,960	166,259,603	635,450	3,822	5
smallest value among the blocs compared largest value among the blocs compared

Further information: Economy of the African Union