Africa Trade bloc to reduce costs
Oct 25, 2008
THE new free trade bloc and customs union of 26 African countries will reduce the cost of doing business for Africans and encourage foreign direct investment, the Common Market of Southern and Eastern African Countries (COMESA) Secretary General has said.<br>
By Anne Mugisa
THE new free trade bloc and customs union of 26 African countries will reduce the cost of doing business for Africans and encourage foreign direct investment, the Common Market of Southern and Eastern African Countries (COMESA) Secretary General has said.
Sindiso Ngwenya explained that the bloc creates a single market of more that 525 million people, much bigger than the markets of the USA and Europe.
The bloc comprises the East AfricanCommunity, COMESA and the Southern African Development Community (SADC). The three have five, 19 and 15 member countries respectively.
Ngwenya was on Thursday addressing a press conference in Kampala following the Wednesday’s Heads of State and Governments’ summit which agreed to merge the three economic communities.
“We are a rich continent and we need to exploit resources for the development of our people,†the Zimbabwean added.
Ngwenya dismissed pessimism that the move mail fail, saying there was great political will and support for it.
He said that the pessimism was being spread by bureaucrats interested in protecting their small empires, but added that they would fail as long as the political will dictates.
Ngwenya noted that the integration of Africa was mooted as early as the 1950s, as African countries struggled for independence, but got derailed by the people who took up arms to fight legitimate leaders.
“After many years, we have not gone far. In fact we seemed to have even retrogressed,†he said.
Ngwenya urged Africans to stop ‘begging because it costs them more than they get’.
“If aid were to develop African, this continent would be far advanced.â€
He said those who promise aid take back a big chunk of what they bring to Africa. In additon, they dictate terms of how African countries should run their affairs.
Responding to queries from journalists, Ngwenya dismissed fears that the insecurity in some of the countries would derail trade in the integrated area.
He said the existing regional blocs already have mechanisms to ensure security, citing the Standby Brigade the EAC.
THE new free trade bloc and customs union of 26 African countries will reduce the cost of doing business for Africans and encourage foreign direct investment, the Common Market of Southern and Eastern African Countries (COMESA) Secretary General has said.
Sindiso Ngwenya explained that the bloc creates a single market of more that 525 million people, much bigger than the markets of the USA and Europe.
The bloc comprises the East AfricanCommunity, COMESA and the Southern African Development Community (SADC). The three have five, 19 and 15 member countries respectively.
Ngwenya was on Thursday addressing a press conference in Kampala following the Wednesday’s Heads of State and Governments’ summit which agreed to merge the three economic communities.
“We are a rich continent and we need to exploit resources for the development of our people,†the Zimbabwean added.
Ngwenya dismissed pessimism that the move mail fail, saying there was great political will and support for it.
He said that the pessimism was being spread by bureaucrats interested in protecting their small empires, but added that they would fail as long as the political will dictates.
Ngwenya noted that the integration of Africa was mooted as early as the 1950s, as African countries struggled for independence, but got derailed by the people who took up arms to fight legitimate leaders.
“After many years, we have not gone far. In fact we seemed to have even retrogressed,†he said.
Ngwenya urged Africans to stop ‘begging because it costs them more than they get’.
“If aid were to develop African, this continent would be far advanced.â€
He said those who promise aid take back a big chunk of what they bring to Africa. In additon, they dictate terms of how African countries should run their affairs.
Responding to queries from journalists, Ngwenya dismissed fears that the insecurity in some of the countries would derail trade in the integrated area.
He said the existing regional blocs already have mechanisms to ensure security, citing the Standby Brigade the EAC.