The African Economic Community (NPP) is an organization of the Union of African States that provides the basis for mutual economic development among most African states. The stated goals of the organization include the creation of a free trade zone , a customs union , a single market, a central bank and a single currency , thus creating an economic and monetary union.
Blocks
There are currently several regional blocs in Africa , also known as Regional Economic Communities (RECs). Many of them have overlapping memberships. RES consists mainly of trading blocks, and in some cases political and military ones. Most of the RES are included in the AEC, many of which also have overlaps in the membership of their states in other blocks. In this regard, some states with several memberships ultimately drop out of one or more RES. Some of these blocks also contain subgroups with more stringent requirements and / or with their own currency unions.
These blocks and their corresponding subgroups are distributed as follows:
| Blocks | Subgroups |
|---|---|
| Community of Sahara-Sahara States (CEN-SAD) | |
| Common Market for East and South Africa (COMESA) | |
| East African Community (EAC) | |
| Central African Economic Community (ECCAS / CEEAC) | Central African Economic and Monetary Community (CEMAC) |
| Economic Community of West African States (ECOWAS) | West African Economic and Monetary Union (UEMOA) West African Currency Area (WAMZ) |
| Intergovernmental Authority on Development (IGAD) | |
| Southern African Development Community (SADC) | South African Customs Union (SACU) |
See also
- Gulf Cooperation Council
- Agadir Agreement