Importance Of COMESA

769 Words4 Pages
The Common Market for Eastern and Southern Africa (COMESA) is a regional grouping of nineteen African sovereign states, namely Burundi, Comoros, Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe which have agreed to promote regional integration through trade development and to develop their natural and human resources for mutual benefit of all their people (COMESA, 1998). COMESA was established in 1994 to replace the Preferential Trade Area for eastern and southern Africa (PTA), which had been in existence since 1981 within the framework of the organization for African Unity’s (OAU’s) Lagos plan of Action and the…show more content…
However, the fulfillment of the complete COMESA mandate is regarded as a long term objective and, for COMESA to be effective as an institution; it has defined its priorities within its mandate, over the next 3 to 5 years, as being promotion of regional integration through trade and investment. The COMESA secretariat assists its member states to make the necessary adjustment so that they could become part of the global economy within the frame work of WTO regulations and other international agreements. This is to be done by promoting ‘’outward-oriented’’ regional integration (COMESA, 1998). The main aims and objectives of COMESA, as described by article 3 of the treaty…show more content…
In harmony with this idea, article 45 of the COMESA treaty included the Most Favoured Nation (MFN) clause but applies only to member states. Article 45 of the treaty ensures a CU among member states would be established in period of ten years from the entry into force of the treaty. The treaty continues to the extent that custom duties and other charges of equivalent effect imposed on imports shall be eliminated. Non-tariff barriers, including quantitative or like restrictions and administrative obstacles to trade among the member states, shall also be removed. This article accompanied by article 47, which states that within a period of ten years from the entry into force of this treaty a common external tariff (CET) would be established in respect of all goods imported into the member states. In pursuit of the goals of Free Trade Area, a CU and an economic community, COMESA is implementing a wide range of programs in trade liberalization, transportation and communication facilitation, in financial and monetary systems and other related activities. (COMESA, 1998). The COMESA Free Trade Area includes the following:  The reduction and eventual elimination of tariffs on COMESA originating products and liberalization of the rules of origin;  The elimination of non-tariff barriers and other obstacles, restriction and constraints to trade including restrictions

More about Importance Of COMESA

Open Document