COMESA customs union launch for Dec
THE Common Market for Eastern and Southern Africa (COMESA) customs union will be launched in December 2008, an official from the body’s secretariat has said.
By Paul Tentena
THE Common Market for Eastern and Southern Africa (COMESA) customs union will be launched in December 2008, an official from the body’s secretariat has said.
Charles Chanthunya, the director for trade, customs and monetary affairs, said the secretariat was doing final touches of compelling a few countries to adhere to the customs union.
Chanthunya said that six countries were yet to join the Free Trade Area. “Six countries including Uganda are yet to join but I’m impressed that they have reduced their tariffs to between 60% and 80%,†he said in Kampala while talking about the trading bloc’s programmes, projects and rules of origin.
Chanthunya said that Uganda’s penetration into the COMESA market was still low, with an unfavourable balance of trade.
“It is sad to note that currently, we are experiencing a trade deficit,†Ronald Wakyereza, a senior commercial officer in the Ministry of Trade, Tourism and Industry, said. A trade deficit is a situation whereby a country’s imports exceed the exports.
Wakyereza said Uganda was experiencing a trade deficit of 382.9% because of the little value that is added to the exports, making them unable to compete favourably.
Christopher Osolo from the COMESA secretariat said that Uganda’s exports to COMESA market had increased to $6b from $3b.
Wakyereza said Switzerland is the leading importer of Ugandan products.
THE Common Market for Eastern and Southern Africa (COMESA) customs union will be launched in December 2008, an official from the body’s secretariat has said.
Charles Chanthunya, the director for trade, customs and monetary affairs, said the secretariat was doing final touches of compelling a few countries to adhere to the customs union.
Chanthunya said that six countries were yet to join the Free Trade Area. “Six countries including Uganda are yet to join but I’m impressed that they have reduced their tariffs to between 60% and 80%,†he said in Kampala while talking about the trading bloc’s programmes, projects and rules of origin.
Chanthunya said that Uganda’s penetration into the COMESA market was still low, with an unfavourable balance of trade.
“It is sad to note that currently, we are experiencing a trade deficit,†Ronald Wakyereza, a senior commercial officer in the Ministry of Trade, Tourism and Industry, said. A trade deficit is a situation whereby a country’s imports exceed the exports.
Wakyereza said Uganda was experiencing a trade deficit of 382.9% because of the little value that is added to the exports, making them unable to compete favourably.
Christopher Osolo from the COMESA secretariat said that Uganda’s exports to COMESA market had increased to $6b from $3b.
Wakyereza said Switzerland is the leading importer of Ugandan products.