Large increase in trade exchange of COMESA
Egypt-Regional, Economics, 11/22/1999

Economy and Foreign Trade Minister Dr. Youssef Boutros Ghali said Sunday that Egypt's exports to the Common Market for Eastern and Southern Africa (COMESA) member-states doubled after its entry to the African group last February.

"Egypt COMESA inter-trade hit $106.5 million in the first two quarters of 1999 in comparison with $78.2 million in the same period of 1998, rising up to 36.3 percent," Ghali told Egypt and COMESA 2000 symposium, held by a private sector company.

Ghali, in the address read by his adviser Sayed El-Bous, said Egyptian exports to COMESA member-states rose to $27.3 million in the first two quarters of 1999 against $13.2 million in 1989, up by 107 percent.

"Egyptian imports have also increased to $79.3 million in the six-month period against $65 million in 1998, up by 2.9 percent," he added.

" Egypt is going to host the first regional summit of the COMESA on February 28, 29 to support the economic and trade purposes of the group and acknowledge the international business community of the joint investments opportunities available in the African States," Ghali said.

The COMESA agreement stipulates that a Free Trade Area (FTA) will be formed among 22 member-states, in which 380 million people live, at the end of October 2000 and that customs will be canceled by 100 percent.

A one currency will be used by member-states, whose Gross Domestic Product hit $138 billion a year, in 2025.

The Minister called on all member-states to abide by revoking all customs in October 2000 to forge integration ahead.

Representatives from the Foreign Ministry, Trade Representation Department, Cairo University's African Research Center and Exportation Development Center attended the symposium.

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