On the Egyptian ratification of the COMESA Treaty
Egypt, Economics, 1/21/1999

Egypt has ratified the Common Market for East and Southern Africa (COMESA) treaty and submitted the ratification instruments to the organization's secretariat in Lusaka, Zambia, reported the Pan-African news agency PANA.

Egypt's ambassador to Zambia Safwat Ayoub who submitted the ratification instruments said Egypt is attached to the regional economic integration and pledges to invest in Zambia and to bolster trade exchanges with the African country.

He said Egypt is planning to import tea, coffee, tobacco and other products from Zambia and the other COMESA members where these products prices are lower than in other economic blocs such as the European Union.

Egypt will set up industrial units in Zambia to manufacture ceramics and furniture and export them to all the COMESA members, the diplomat said. He added that Egypt's membership to COMESA will not only consolidate regional economic integration but also promote peace and unity in the troubled continent.

COMESA secretary general Erastus Mwencha welcomed the ratification of the treaty by the Egyptian Parliament and said Egypt's entry in the organization will contribute to the setting up of a free trade area.

He said this year COMESA plans to undertake important programs such as the guarantee facility, the smart card or electronic currency/wallet and liberalization of air transport services.

"The year 1999 is important in finalizing arrangements for launching the Free Trade Area next year on October 31, 2000," he said.

Egypt was admitted as the 20th member of the economic grouping last June during COMESA's third summit held in Kinshasa, Democratic Republic of Congo.

COMESA was established in 1994, to replace the Preferential Trade Area for Eastern and Southern Africa, which had been in existence since 1981.

It was reduced to 19 members in 1997 after Mozambique decided to withdraw its membership.

The organization now comprises Angola, Burundi, Comoros, Democratic republic of Congo, Egypt, Eritrea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Sudan, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.

Previous Stories:
  Joint association of businessmen between Egypt and Congo   (1/19/1999)
  Egypt prepares to convene a regional economic conference of COMESA countries   (1/15/1999)
  Egypt officially joins COMESA   (1/7/1999)

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