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Hilbroy Advisory: Africa leaders in talks to create $875 bn Trade Bloc
Hilbroy Advisory: Africa leaders in talks to create $875 bn Trade Bloc
Swaziland's King Mswati III, who is the chair of COMESA and whose country is battling a fiscal crisis, said time had come for the existing blocs to work together.
Montreal,
Quebec,
Canada
(prbd.net)
13/06/2011
Montreal, Quebec, June 10th, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: African leaders launched talks Sunday to create the continent's biggest free-trade bloc, an $875 billion market that would boost the region's economic profile. The so-called "Grand" Free Trade Area would cross 26 countries, stretching from Cape Town to Cairo, with a combined population of 700 million people.
"We meet fully conscious of the collective responsibility we bear towards Africa's founding fathers to create a single continental market of real economic value," said South Africa's President Jacob Zuma during the opening.
The proposed free trade area (FTA) would join three existing, and sometimes overlapping, blocs. But each has different rules, with some countries belonging to more than one grouping, further complicating efforts to streamline trade. The idea to unite these blocs was endorsed at a 2008 summit.
It would bring together the continent's most developed economies of South Africa and Egypt and some of its most energetic, such as Angola and Ethiopia. "Programmes are being developed involving all three regional economic communities, together with member states, taking us a step further towards the establishment of the envisaged tripartite free trade area," said Zuma. But the pact faces immense hurdles: tariff barriers, poor infrastructure, weak supply chains, and economies often largely reliant on natural resources rather than manufactured products. The three existing free trade areas-of which the EAC is the most advanced--have failed to meet intratrade targets despite removing the bulk of trade tariffs. And the bloc includes countries hit by conflicts, coups and political turmoil, such as Libya, Madagascar, Sudan and Zimbabwe.
New World Bank research says trade within southern African accounts for just 10% of the total in the region-compared to 60% in Europe and 40% in North America.
Southern African Development Community exports increased from 20 to more than 30 percent of combined GDP over the past decade, but regional trade made up a mere three percent of the increase. Stumbling blocks include border crossings and non-tariff barriers such as import bans and permits that cut into competitiveness. South African grocery chain giant Shoprite for example suffers losses of $500 a day for each truck delayed at border posts. As the 19 members of the Common Market for Eastern and Southern Africa join the other two blocs on Sunday, the aim is to work towards combining small domestic markets into a larger, more effective force.
Swaziland's King Mswati III, who is the chair of COMESA and whose country is battling a fiscal crisis, said time had come for the existing blocs to work together.
"The integration of various regional blocs would no doubt improve trade within the African economies. This cannot be achieved overnight, it could only be done in phases, as there is a lot of work that still needs to be done," said Mswati.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
www.hilbroyadvisory.com
Tel: 514-334-3131
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
About
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
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