According to Chambas, PACT II is to be implemented over a four-year period, in partnership with three regional economic communities, and the UN Economic Community for Africa (ECA), to increase institutional and technical capacity of the regional communities secretariats, so as to play a pivotal role in the area of trade development and promotion in their respective regions and to harness regional trade in their agenda for sustainable development and build the competiveness of the region s sector, mainly SMEs, with focus on women enterprises for intra regional trade, as a foundation for addressing world market with success.
This may in large part be because the implementation of NEPAD's objectives depends heavily on Africa's regional economic communities, which are lamentably weak.
The announcements came at the launch of a north-south corridor to be financed by public and private investors, including the World Bank, European Commission, regional economic communities and development agencies, DFID said.
Right now, it's hard to cross borders, with two to three hour delays; regional economic communities often overlap and need to be rationalized with stronger common market objectives.
More specifically, this area will convene African Finance and Tourism Ministries, African Tourism Boards, African Regional Economic Communities, International Financial Institutions and Development Banks, Banks and Banks' Associations and Insurance Companies, Private Investors and Investment Funds, Bilateral Development Organisms, Project holders, Investment Promotion Agencies, Chambers of commerce and industry, Trade Unions, Banking Associations, Hospitality Groups etc.
It is consistent with the New Partnership for Africa's Development (NEPAD) and Bank strategy for Regional Economic Communities (RECs) on multinational infrastructure projects that remove barriers and obstacles to the movement of persons, goods and support regional co-operation and integration.
