Egyptian FM to open symposium on unified African market

Egyptian Foreign Minister Amr Moussa opened yesterday an international symposium between Egypt and COMESA, focusing on new horizons for investment.

Moussa emphasized the importance of the economic aspect of African - Egyptian relations, because it could "enhance Egypt's constant role in defending the political issues of the continent."

Moussa said that the average inter-trade growth among the COMESA's member states is 14% annually, with trade totaling $2.5 billion in 1996.

The total exports from the COMESA countries are estimated at $12 billion, while their imports reached $15 billion.

Egypt's exports to the COMESA countries reached nearly $23 million while its imports from these countries during the same period were at $34.6 million.

A free market will be established among the COMESA countries by the year 2000 as well as establishing a customs union among member states in the year 2005, representing two major steps toward achieving the organization's most comprehensive aim of an African market.