African leaders to unveil new common market bloc

Delegates from the 19 member countries that make up the Common Market for Eastern and Southern Africa attend a summit on February 26, 2014, in Kinshasa. PHOTO | FILE | AFP

The leaders of 26 African countries gathered in Egypt on Wednesday to sign a new trade pact to create a common market across half the continent that will serve 625 million people.

The Tripartite Free Trade Area (TFTA) will cap five years of negotiations to set up a common framework for preferential tariffs that will ease the movement of goods across member countries.