In a groundbreaking development, Lesotho has officially signed the COMESA-SADC Tripartite Free Trade Agreement marking a significant stride toward greater economic cooperation and trade integration in the Southern Eastern African regions.
The signing ceremony took place in Maseru on Friday.
The COMESA-SADC Tripartite Free Trade Agreement is a landmark deal that aims to strengthen trade ties and boost economic growth among member countries. Lesotho, a landlocked nation surrounded by South Africa, has long sought to expand its trade opportunities, and this agreement opens up new horizons for the country’s economy.
In her address, The Secretary-General of COMESA, Mrs. Chelishe Mpundu Kapwepwe emphasized the importance of regional integration and trade liberalization.
“Today’s signing marks a historic step towards achieving a common market in Southern and Eastern Africa. The COMESA region together with SADC and the EAC is moving towards greater economic prosperity and competitiveness,” she said.
Mrs. Kapwepwe said the Minister has to present the signed agreement before the Parliament for ratification.
She underlined the significance of cooperation among African nations.
“Our unity and economic integration are pivotal in ensuring a brighter future for our people. The Tripartite Free Trade Agreement promotes inclusivity and we are excited about the potential it holds,” she explained.
Minister of Trade, Industry, Business Development and Tourism, Mr. Mokhethi Shelile said this agreement is a significant milestone for Lesotho because it opens up new opportunities for their businesses and will help diversify our economy.
“We are committed to taking full advantage of this agreement for the benefit of our citizens,” Mr. Shelile said.
He said the agreement aims to reduce trade barriers, enhance regional value chains and promote the development of infrastructure while fostering economic growth and job creation.
He further said Lesotho’s decision to join this regional pact is expected to stimulate trade, attract investment, and lead to broader economic development.
The President of the Lesotho Chamber of Commerce and Industry (LCCI), Mr. Fako Hakane said the signing of the agreement is indeed a milestone, saying with the signing of this agreement they are hopeful that the transformation of Lesotho from a consumer-based economy shall be recognised.
He said the advantage of regional Economic Commerce is to create a larger market or economic space for the production and sale of goods and services they produce.
Moreover, he said the three pillars of TFTA; market integration, industrialisation and infrastructure are meant to support each other and be supported by the traversal themes such as resource mobilisation and movement of businesspersons.
The COMESA-SADC Tripartite Free Trade Agreement brings together 28 countries from COMESA, 16 from SADC, and 6 from the EAC thus creating a trading block of significant economic potential.
This agreement is not only a historic moment for Lesotho but also a significant step toward a more economically interconnected and prosperous southern and eastern Africa. As member nations work together, the COMESA-SADC Tripartite Free Trade Agreement has the potential to transform the economic landscape of the region, bringing opportunities and benefits to millions of people.
By Staff Reporter: Noliwe Velaphe
