Egypt's President Abdel Fattah El-Sisi, seen in the middle, attends the tripartite summit for Africa's three major Economic Committees (COMESA, EAC, SADC). The summit was held on Wednesday June 10th, 2015 in Egypt's Sharm El-Sheikh. (photo: Ayman Hafez)
Egypt signed on Wednesday along with 25 African nations an agreement to form the continent's largest free trade area (FTA), integrating the three existing economic zones, COMESA, SADC, and EAC.
However, Egypt's final ratification of the agreement will be pending upon an approval from the parliament which is yet to be elected, Industry and International Trade Minister, Mounir Fakhry Abdel Nour, told state-owned news agency MENA.
The North African country has been without a parliament since the house of representatives that was elected in late 2011 was dissolved in June 2012, following a court ruling that judged the law regulating its election to be unconstitutional.
President Abdel Fattah El-Sisi holds legislative powers until an elected parliament convenes.
The agreement for the FTA between the three major economic committees, which accounts for $1.2 trillion, and which represents more than half of Africa's GDP, aims to create free trade zones for goods immediately and the hope of introducing services and intra-continent investor opportunities at a later stage.
Short link: