The Southern African Development Community (SADC) has termed the just concluded summit as a historical event with the launch of the Free Trade Area (FTA) and the comeback by Seyshelles into SADC.
The Launch of FTA, together with review of the political situation in the region, has dominated the agenda of the two-day summit which began on Saturday.
Under the theme "SADC Free Trade Area for Growth, Development and Wealth Creation," the launch of FTA scores a significant step toward SADC's ultimate goals of a customs union in 2010, a common market in 2015 and a monetary union in 2018.
Journalists cover the opening ceremony of the 28th summit of the Southern African Development Community (SADC), in Johannesburg, South Africa, Aug. 16, 2008. The review of political situation in the region and launch of the Free Trade Area (FTA) were top on the summit's agenda. The creation of FTA signifies the achievement of a major milestone toward the quest for deeper economic integration in the region.
With the launch of FTA, industrialists in the bloc will enjoy enhanced market access as well as benefit from economies of scale as they produce for a bigger regional market, SADC has said.
On the other hand, consumers will have access to a cheaper and wider product range on supermarket shelves as goods will now enter national boundaries free of customs duties.
Thabo Mbeki, President of South Africa, which is the chair of SADC, termed the launch of FTA as a historic event at a press conference late on Sunday.
Also speaking on Sunday at the launching ceremony, Mbeki said the launch of FTA is an extraordinary milestone in SADC's collective and ongoing integration program.
The South African president said, "None of us will be able to assure political and social stability, security and economic development in our countries if the region as a whole continues to grapple with underdevelopment, instability, poverty and marginalization."
"Regional economic integration can create the basis for regional markets and industries to overcome the limits of small national markets, to achieve economies of scale, and to enhance competitiveness as a platform to participate more effectively in the world economy," the president said.
During the summit, approved by SADC member states, Seychelles made a comeback as one member of the bloc after quitting the bloc for years, bringing the number of member states from the current 14 to 15.
SADC welcomed the comeback of Seychelles.
Commenting on Seychelles readmission, Mbeki said at the press conference that Seychelles comeback is of great importance for SADC.
It reflected the growing importance of the regional bloc in the African continent, the president said.
A communique adopted at the end of the summit has called for unity and cohesion among the member states.
The communique said unity and cohesion are required in order to address the current challenges facing the region, including reversing marginalization, and fight the twin scourges of underdevelopment and poverty.
Source:Xinhua
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