Common Market

The conclusion of the AfCFTA comes in the wake of global trade facing a lot of uncertainty, with more countries becoming more protectionist and the global world trade order facing collapse due to rising tensions. Despite all this, Africa’s regional integration agenda remains at the core. The Protocol on Investments is meant to be continental wide project to protect and promote investments in Africa. The ultimate goal for the AU’s regional integration objectives should be to have one investment framework to regulate the whole continent.

Jonathan Bashi Rudahindwa’s monograph on regionalism in Africa is a timely addition to the literature on the topic. His focus is primarily on the creation of the African Economic Community (AEC). Created by treaty in 1991 the AEC lays down a path for Africa to follow towards the creation of an African common market. This is to be done in stages culminating in an economic and monetary union.  The AEC thus seems to be a critical landmark in the evolution towards African economic unification.

The book traces the evolution of regionalism and regional integration on the continent, from the Organization of African Unity through to the African Union but, unlike earlier treatises on regionalism, Bashi Rudahindwa rightly places emphasis on the role of the legal framework. He draws comparisons with other regional economic integration projects: the North American Free Trade Agreement (NAFTA), the Common Market of the Southern Cone (MERCOSUR), the Association of South East Asian Nations (ASEAN), and the European Union (EU), to argue for greater emphasis in the AU on capacity building, and the need to utilize law to support regulatory and institutional frameworks to facilitate trade and industrialization, and interventionist measures aimed at promoting structural transformation.

The book provides a study of regionalism in the context of Africa and investigates the various ways in which law can be used to address the particular issues raised by regional schemes across the continent. Given the relatively slow pace and the apparent failure which seem to have characterised regional initiatives in Africa to date, this study is intended to contribute to the search for effective methods to ensure the success of those initiatives. This is conducted through the contemplation of the role that law can play to help achieve the various objectives assigned to regional schemes in the context of the Treaty of Abuja.

Africa boasts of at least eight RECs (or potential and existing FTAs) recognised by the AU, one emerging TFTA, and, a budding AfCFTA.  All these efforts are meant to lead to the realisation of the AEC