From correspondents in Johannesburg, South Africa, 09:02 PM IST

The 14 member countries of the Southern African Development Community (SADC) Sunday announced the launch of a Free Trade Area (FTA) to boost economic cooperation in the region.

South African President Thabo Mbeki said: 'This is a major step towards addressing the problems of poverty and underdevelopment in the region.'

The SDCA seeks to establish a Customs Union by 2010, Common Market by 2015 and creation of a Monetary Union by 2016.

The announcement was made during a summit of the SDCA here to discuss various regional issues, including political crisis in Zimbabwe and free trade.

(Staff Writer, © IANS)