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Common Market for Eastern and Southern Africa |
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Common Market for Eastern and Southern AfricaIntegrated trading block formed in December 1994 by 20 states of eastern and southern Africa (with a combined population of 385 million) to replace the former Preferential Trade Area for Eastern and Southern Africa, which had existed since 1981. COMESA's member states have ‘agreed to cooperate in developing their natural and human resources for the good of all their people’, to promote peace and security in the region, and establish a free trade area (FTA). An FTA was launched by nine of the member states – Djibouti, Egypt, Kenya, Madagascar, Malawi, Mauritius, Sudan, Zambia, and Zimbabwe – in October 2000. A customs union, with a common external tariff, is to be formed by 2004. COMESA institutions including a Trade and Development Bank, based in Nairobi, Kenya, and a commercial Court of Justice, to arbitrate differences. Policy is made by a council of ministers and decisions are taken by the heads of state. Coordination is through a secretariat, based in Lusaka, Zambia, and headed by a secretary general. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Africa is divided into four main economic regions - East Africa Community, Common Market of Eastern and Southern Africa, Southern African Development Community, and Economic Community of West African States, he explains. |
| Hutchinson Encyclopedia |
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