Speaking during a regional workshop in Lusaka Monday, 14 July 2008, COMESA Secretary-General Sindiso Ngwenya said the meeting would address issues of the creation of a free trade union and a customs union.
Ngwenya 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.
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, 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.
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.
Article published courtesy of BuaNews
