The Southern African Development Community officially launched on Sunday the Free Trade Area (FTA), ushering in a new era of economic integration in the region.
FTA was launched under the theme "SADC Free Trade Area for Growth, Development and Wealth Creation."
The launch is supposed to lead to the establishment of a Customs Union by 2010, Common Market by 2015 and creation of a Monetary Union by 2016.
Addressing the summit of SADC on Saturday, South African President Thabo Mbeki said the launch of FTA was much more than a simple acknowledgement that the majority of traded goods in the region are duty-free.
"Rather we should view the achievement of this milestone as a major step towards addressing the fundamental challenges of poverty and underdevelopment through deeper integration and economic development," the president said.
Source: Xinhua
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