COMESA 2000, good initiative for economic cooperation
Regional-Egypt, Economics, 2/17/2000

"President Mubarak will inaugurate on February 28 the first economic conference by the Common Market of Eastern and Southern Africa (COMESA).

Foreign Minister Amr Moussa yesterday told a press conference held at the Foreign Ministry premises that the conference which would be entitled "COMESA 2000" will discuss liberalization of trade among COMESA states, direct foreign investments and globalization challenges.

African, European, Asian and Arab dignitaries will take part in COMESA 2000. The participants will include ministers of foreign affairs, trade and economy, heads of banks, and heads of governmental institutions, international financial institutions and multinational corporations.

"The conference, partially organized by the Egyptian Economic Forum under Shafik Gabr, will not issue a final declaration or recommendations," Moussa said, adding that no agreements will be signed.

Moussa said that the COMESA grouping represent 21 states, in which 500 million people live in Africa and is considered as one of the most important gatherings in the black continent.

"The COMESA 2000 in Cairo will trigger inter-COMESA trade and economic interaction," Moussa said.

"The wide participation and good arrangement will render the conference successful and help introduce other conferences," he added.

The COMESA member-states are expected to declare a free trade area on October 31, 2000. "The conference's final touches will be complete within few days," Moussa expounded.

Moussa said that the FTA will help boost cooperation among COMESA and other world groups. "The COMESA 2000 Conference gives the first chance for COMESA businessmen to sit together with their counterparts from all over the world as well as senior civil servants of the COMESA member-states to probe overcoming cooperation obstacles," he said.

"The conference will not only be a chance to promote COMESA world trade swaps, but it will also activate inter-COMESA trade and help pump investments into the member-state economies from inside and outside the African group," he added.

Asked about fears that the group will dissolve because of globalization and the supremacy policy of the major countries, Moussa thought that the situation is vice versa. "Groups like the COMESA are important to counter the new economic blocs," he affirmed.

"The group comprises many emerging and promising economies that if used wisely will encourage inter-trade and investment and help preserve the developing economies from being swallowed up some of the negative trends caused by globalization," he pointed out.

The Foreign Minister said his Ministry is leading an efforts to make Arab economic conferences in Cairo, adding that the Arabs will be highly represented in COMESA 2000 as well as European and Americans.

"Workshops and general sessions on trade, economic cooperation, communications, transportation, and information will be held during the Cairo conference on 15 different issues," Moussa said.

"Five subcommittees will deliberate on capital markets, the role of small-and medium-scale institutions in development, information technology and publishing websites. And the workshops will take up construction, energy, seaports, transportation, communications," Moussa elaborated.

Assistant Foreign Minister for African affairs Ibrahim Ali Hassan said the conference will have three main goals, as follows: Upgrading inter-COMESA trade exchange, making a publicity campaign for the COMESA worldwide, attracting more investments to the group's member-states.

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