African Economic Community

African Economic Community

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legend|#FF0000|states signatories to the AEC Treaty, but not participating in any of the pillarsThe African Economic Community (abbreviated AEC) is an organization of African Union states establishing grounds for mutual economic development among the majority of African states. The member states are mounting efforts to collaborate economically, but are impeded by civil wars raging in parts of Africa. The stated goals of the organization include the creation of free trade areas, customs unions, a single market, a central bank, and a common currency thus establishing an economic and monetary union.

Pillars of the African Economic Community

Currently there are multiple regional blocs in Africa, also known as Regional Economic Communities (abbreviated RECs), many of which have overlapping memberships. The RECs consist primarily of trade blocs and, in some cases, some political and military cooperation. Most of these RECs form the 'pillars' of AEC, many of which also have an overlap in some of their member states. Due to this high proportion of overlap it is likely that some states with several memberships will eventually drop out of one or more RECs. Several of these pillars also contain subgroups with tighter customs and/or monetary unions of their own:

These pillars and their corresponding subgroups are as follows:

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1 The Arab Maghreb Union does not participate in the AEC so far, because of opposition by Morocco

1 Members not yet participating: Angola, DR Congo (in talks to join), Eritrea, Ethiopia, Seychelles (in talks to join), Swaziland (on derogation until SACU gives permission for Swaziland to join the FTA), Uganda (to join very soon) [http://allafrica.com/stories/200610160583.html]

* Stage 4: no progress yet
* Stage 5: no progress yet
* Stage 6: no progress yet

Overall progress

1 not all members participating yet
2 telecommunications, transport and energy - proposed
3 sensitive goods to be covered from 2012

Comparison between regional blocs

See also

* Economy of Africa
* Economy of the African Union

References

* [http://www.africasia.com/africanbusiness/ab.php?ID=890&back_month=57 A single African currency in our time?]

External links

* [http://www.africa-union.org African Union Official Website]
* [http://www.dfa.gov.za/au.nepad/recs.htm South African webpage on RECs]
* [http://www.panafricanperspective.com/aec.htm Pan-African Perspective]


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