Skip to main content

THE COMMON MARKET FOR EASTERN AND SOUTHERN AFRICA (COMESA)

WHAT IS COMESA?

The Common Market for Eastern and Southern Africa (COMESA) was established in 1984 as a strengthened successor to the Preferential Trade Area founded in 1981 for the countries in eastern and southern Africa. Recognizing the potential benefits of regional trade to their economies and peoples, 20 countries now make up COMESA: Angola; Burundi; Comoros; Democratic Republic of Congo; Djibouti; Egypt; Eritrea; Ethiopia; Kenya; Madagascar; Malawi; Mauritius; Namibia; Rwanda; Seychelles; Sudan; Swaziland; Uganda; Zambia; and Zimbabwe.

COMESA’s objectives include:

  • A full free trade area guaranteeing the free movement of goods and services produced within COMESA and the removal of all tariffs and non-tariff barriers;
  • A customs union under which goods and services imported from non-COMESA countries will be subject to an agreed single tariff in all COMESA states;
  • Free movement of capital and investment supported by the adoption of common investment practices in order to create a more favorable investment climate.
  • Gradual establishment of a payments union based on the COMESA Clearing House and the eventual establishment of a common monetary union with a common currency;
  • The adoption of a common visa arrangement, including the right of establishment leading eventually to free movement of bona fide persons.
In 2000, nine COMESA member countries formed the COMESA Free Trade Area (FTA), which eliminated tariffs on goods that conform to COMESA rules of origin. The FTA members are Djibouti; Egypt; Kenya; Madagascar; Malawi; Mauritius; Sudan; Zambia; and Zimbabwe. Also in 2000, COMESA signed a Trade and Investment Framework Agreement (TIFA) with the United States Trade Representative that establishes a TIFA Council for a structured dialogue on trade and investment issues.

The COMESA secretariat is located in Lusaka, Zambia.

Comments

Post a Comment

Popular posts from this blog

What are business activities?

What Are Business Activities? Business  activities include any activity a business engages in for the primary purpose of making a profit. This is a general term that encompasses all the economic activities carried out by a company during the course of business. Business activities, including operating, investing and financing activities, are ongoing and focused on creating value for  shareholders . KEY TAKEAWAYS Business activities are any events that are undertaken by a corporation for the purpose of earning a profit. Operating activities relate directly to the business providing its goods to the market, including manufacturing, distributing, marketing, and selling; they provide most of the company's cash flow and hugely influence its profitability. Investing activities relate to the  long-term use of cash , such as buying or selling a property or piece of equipment, or gains and losses from investments in financial markets and operating subsidiaries. Financing activities include
Post a Comment
Read more

Aims of a business

o    To Survive Many a times you find yourself fighting to survive. Sometimes your life is threatened by a certain sickness and you must do everything in your power to fight the disease and survive. It is the same thing with a business, it must survive. A business finds itself faced with tough competition and other things that threaten its survival. To survive means that the business is able to fight competition, gain new customers find reliable suppliers and grow. It is able to be successful and not fail. o    To make a Profit If you were to start a business today, what would be your main objective? Most people start businesses to make a profit. This means that the business is able to sell its goods and services at a price above the buying price . The difference between the selling price and buying price is the profit. For example, if you bought a product at E20 and sold it at E50, the E30 is your profit. o    To Grow or Expand Imagine a situation whereby there is a baby bor
Post a Comment
Read more

Who are stakeholders in a business?

DEFINITION OF A STAKEHOLDER A stakeholder is someone who has an interest in the operations of a business.   Stakeholders are affected by what happens inside and outside of a business. We usually refer to them as “ business stakeholders ”.   These individuals or organizations have a direct or indirect interest in the affairs of the business or are affected by a business activity. Example of stakeholders include consumers, owners, employers, employees, managers, community, shareholders, financiers, government, competitors, trade unions, etc.
Post a Comment
Read more