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Regional Integration in Africa

In: Economic Development Through Regional Trade

Author

Listed:
  • Kato Kimbugwe

    (Aberystwyth University)

  • Nicholas Perdikis

    (Aberystwyth University)

  • May T. Yeung

    (Estey Centre for Law and Economics in International Trade)

  • William A. Kerr

    (University of Saskatchewan)

Abstract

Regionalism is not a new phenomenon in Africa given that one of the oldest customs unions is in southern Africa, and the list of both past and present RTAs is likely longer than that of any other continent. Despite the number of RTAs in Sub-Saharan Africa, the region’s record of maintaining and sustaining regional frameworks is generally poor, though some successful examples of regional cooperation do exist (see Foroutan, 1993; Oyejide et al., 1997; Collier and Gunning, 1999; Yeats, 1999; Mold, 2005). One of the most compelling arguments for regional integration in Africa is based on the fragmentation of African markets, characterized by 56 small economies, with an average gross domestic product (GDP) of $4 billion (van Niekerk, 2005). These small markets, combined with generally high production and transaction costs and poor investment climates, attract limited foreign direct investment (FDI). In 2003, 16 countries achieved an average economic growth rate of 3 per cent, another 16 countries grew at a rate of 3 to 5 per cent and 18 countries had more than 5 per cent (World Bank, 2004). In 2007, the United Nations Economic Commission for Africa (UNECA) report (UNECA, 2007) found that GDP grew a modest 5.2 per cent in 2004, 5.3 per cent in 2005, 5.7 per cent in 2006 and 5.8 per cent in 2007.

Suggested Citation

  • Kato Kimbugwe & Nicholas Perdikis & May T. Yeung & William A. Kerr, 2012. "Regional Integration in Africa," Palgrave Macmillan Books, in: Economic Development Through Regional Trade, chapter 3, pages 32-75, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-36992-4_3
    DOI: 10.1057/9780230369924_3
    as

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