http://www.monitor.co.ug/Business/Markets/Africa-regional-trade-increases/-/688606/2642562/-/11emhkmz/-/index.html
Africa regional trade increases
Cargo containers at a terminal in Kampala. Statistics show that trade
volumes among blocs in East and Southern Africa have tripled in 10
years. FILE PHOTO
By Dorothy Nakaweesi
Posted Thursday, March 5 2015 at 02:00
Kampala. Intra-regional trade between the East African Community
(EAC), Common Market for Eastern and Southern Africa (Comesa) and the
Southern African Development Community (SADC) has grown threefold in a
period of 10 years.
Latest statistics show the combined intra-trade of the three regional
economic communities (RECs) for the period 2004 to 2014 grew from $30
billion (about Shs87 trillion) to $102.6 billion (about Shs289.7
trillion).
In this period, Comesa alone recorded growth from $8 billion (about
Shs23.2 trillion) to $22 billion (about Shs63.8 trillion). Comesa is
made up of Uganda, Kenya, Rwanda, Burundi, the Democratic Republic of
Congo, Eritrea, Ethiopia, Egypt, Sudan, Comoros, Djibouti, Libya,
Madagascar, Malawi, Mauritius, Seychelles, Swaziland, Zambia and
Zimbabwe.
SADC, on the other hand, registered growth from $20 billion (about
Shs58 trillion) to $72 billion (about Shs208.8 trillion). SADC is made
of South Africa, Botswana, Lesotho, Namibia, Swaziland Mauritius,
Zimbabwe, Madagascar, Malawi, Mozambique, Tanzania, and Zambia
EAC saw its growth in trade grow from $2.6 billion (about Shs7.5
trillion) in 2004 up to $8.6 billion (about Shs24.9 trillion) realised
in 2014. Uganda, Kenya, Tanzania, Rwanda and Burundi make up the EAC.
Giving an update on the Tripartite Free Trade Area negotiations, the
Secretary General of the Common Market for Eastern and Southern Africa
(Comesa), Mr Sindiso Ngwenya, said: “This growth has taken place on
the basis of the individual free trade areas (FTAs) of the three
RECs”.
Mr Ngwenya said the establishment of the Comesa-EAC-SADC free trade
area will follow the same growth path, however at an accelerated
growth pace and, supported by infrastructure and industrialisation
programmes.
He proposed for the initiation of negotiations for the establishment
of a free trade area between the Tripartite (Comesa-EAC-SADC) on one
hand, and the Economic Community of West African States (Ecowas).
“Once this is achieved we shall then focus on the establishment of the
African Union continental free trade area,” Mr Ngwenya added.
dnakaweesi_at_ug.nationmedia.com
Received on Wed Mar 04 2015 - 21:47:52 EST