Common Market for Eastern and Southern Africa

The Common Market for Eastern and Southern Africa was established on December 1994 by replacing Preferential Trade Area (PTA) as an organisation of free independent sovereign states with an objective to form a large economic and trading unit that is capable of overcoming the barriers that are faced individual states.
Created On: Aug 9, 2016 09:19 IST
Modified On: Aug 9, 2016 10:28 IST

The Common Market for Eastern and Southern Africa was established on December 1994 by replacing Preferential Trade Area (PTA) as an organisation of free independent sovereign states who have agreed to co-operate in developing their natural and human resources for the good of all their people. The prime objectives of the organisation are to form a large economic and trading unit that is capable of overcoming the barriers that are faced individual states.

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Source: pctechmag.com

This organisation is consists of 20 member states stretching from Libya to Swaziland and also it is one of the pillar the African Economic Community.

Member States of COMESA

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Services offer by COMESA to members and partners

• A wider, harmonised and more competitive market
• Greater industrial productivity and competitiveness
• Increased agricultural production and food security
• A more rational exploitation of natural resources
• More harmonised monetary, banking and financial policies
• More reliable transport and communications infrastructure

Key Areas of COMESA for unified economic space

• A regional market without internal frontiers within which goods, services, capital and labour can move freely;
• Common policies aimed at structural change and regional development;
• Macroeconomic policy coordination
• Competition policy and other measures aimed at strengthening market mechanisms;
• Assurance of the total and irreversible convertibility of currencies;
• Full integration of banking and other financial markets; and
• Pursuit of measures for the eventual creation of a monetary union.

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