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COMESA, SADC, EAC to discuss
harmonization of trade |
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 ADDIS
ABEBA(July 16,2008) - The Common Market for Eastern
and Southern Africa (COMESA), the Southern African Development Community
(SADC) and the East African Community (EAC) will convene a tripartite
meeting in October to discuss the harmonisation of trade in the region,
BuaNews reported citing COMESA Secretary-General Sindiso Ngwenya said
on Monday.
The meeting would address issues of the creation of a free trade union
and a customs union, Ngwenya said speaking at a regional workshop
in Lusaka, according to the report.
He said the meeting, to be hosted by Uganda, would also consider establishing
an institutional mechanism to aid the implementation of the tripartite
meeting's decisions and programmes.
"He pointed out that regional organisations were the building
blocks of the African economy and hence the need to integrate and
implement programmes jointly," the report noted.
Mr Ngwenya added that monetary cooperation among COMESA member states
was aimed at establishing a common monetary area with a greater measure
of monetary stability in order to facilitate the economic integration
efforts.
He further noted that the cooperation provided for sustainable economic
development of the sub-region whose ultimate objective was to establish
a monetary union.
The meeting has drawn delegates from the SADC, EAC, European Statistics
Office and representatives from various countries in the region which
include Sudan, Swaziland and Madagascar, apart from members of COMESA.
Meanwhile, speaking when he opened the Fifth Meeting of Sensitive
Products and Tariff Alignment under the Common External Tariff for
Customs Union, Mr Ngwenya urged COMESA member states to take active
participation in the implementation of a regional Customs Union.
He said the implementation of such a customs union was a unique programme
that needed the full participation of all COMESA member states in
order to foster the sub-region's economic integration.
The implementation of a customs union was crucial to the sub-region
as it would help in guiding COMESA's trade relations with the rest
of the world.
The common customs union would also help in zero-rating tax on products
as it would help COMESA member states to apply the same duties and
taxes on products coming from other countries.
Mr Ngwenya urged member countries to urgently take the irreversible
and unequivocal position in working on all technical preparations
for the launch of the Customs Union in December this year saying its
implementation would reduce the cost of doing business in the sub-region.
He also announced the establishment of a COMESA Fund aimed at providing
support for adjustments for revenue losses as well as social and economic
costs.
A total of 78 million Euros has since been set aside for providing
compensation for revenue losses and social and economic costs among
the COMESA member states.
He further disclosed that the COMESA secretariat has established an
Infrastructure Facility for regional infrastructural developments. |
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