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What does PAEC stand for?

PAEC stands for Pan African Economic Community


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This was concretised in 1963 in the objectives of the OAU Charter, as well as in the OAU Summits of 1973 and 1976, and the Monrovia Declaration of 1979. In 1980 the OAU Extraordinary Summit adopted the Lagos Plan of Action, as a major step towards that goal. During that Summit, the African leaders stated their commitment, individually and collectively, to promote the economic integration of Africa, in order to facilitate and reinforce social and economic intercourse. They also committed themselves to promote the economic and social development and integration of their economies and, to that end, to establish national, regional and subregional institutions leading to a dynamic and interdependent African economy, thus paving the way for the eventual establishment of the African Economic Community.
The African Economic Community (AEC) is an organization of African Union states establishing grounds for mutual economic development among the majority of African states. The stated goals of the organization include the creation of free trade areas, customs unions, a single market, a central bank, and a common currency (see African Monetary Union) thus establishing an economic and monetary union.
ECCAS was established on 18 October 1983 by the UDEAC members and the members of the Economic Community of the Great Lakes States (CEPGL) (Burundi, Rwanda and the then Zaire) as well as Sao Tomé and Principe. Angola remained an observer until 1999, when it became a full member. ECCAS began functioning in 1985, but was inactive for several years because of financial difficulties (non-payment of membership fees) and the conflict in the Great Lakes area. The war in the DRC was particularly divisive, as Rwanda and Angola fought on opposing sides. ECCAS has been designated a pillar of the African Economic Community.
The former had simply listed the PAP among the organization's bodies and stated, "In order to ensure that the peoples of Africa are fully involved in the economic development and integration of the Continent, there shall be established a Pan-African Parliament. The composition, functions, powers and organisation of the Pan-African Parliament shall be defined in a Protocol providing thereof. " The Treaty on the Establishment of the African Union and a Protocol to the Treaty Establishing the African Economic Community.