The combined states of the African Union constitute the world's 17th largest economy
with a nominal GDP
500 billion, ranking after the Netherlands
. By measuring GDP by PPP, the African Union's economy totals $1.515 trillion, ranking it 11th after Brazil
. At the same time, they have a combined total debt of $200 billion.
The AU future confederation's goals include the creation of a free trade area
, a customs union
, a single market
, a central bank
, and a common currency
, thereby establishing economic and monetary union
. The current plan is to establish an African Economic Community
with a single currency by 2023.
According to the Constitutive Act of the African Union, its working languages are Arabic
, and Portuguese
, as well as African languages
"if possible". A protocol amending the Constitutive Act adopted in 2003 but (as of 2007) not yet in force added Spanish
and "any other African language" and termed all six "official" (rather than "working") languages of the African Union. In practice, translation of documents of the AU into even the four current working languages causes significant delays and difficulties to the conduct of business.
Founded in 2001, the......