BULAWAYO - USAID-East Africa region and the Common Market for East and Southern Africa (COMESA) have signed a US$7.5 million Integrated Partnership Assistance Agreement to increase regional economic growth, integration, and stability in the trading bloc. (Pictured - USAID acting regional director, Larry Meserve)COMESA is comprised of 19 countries with a population of 389 million.
The USAID COMESA partnership began in 1998 and has contributed to many successes including the implementation and expansion of the 14 member COMESA Free Trade Area and harmonization of sanitary and phytosanitary (SPS) requirements for dairy and maize.
USAID acting regional director, Larry Meserve said the new agreement, with estimated total funding of US$30 million through 2012, supports COMESAs work to forge an integrated regional economic community achieving high standards of living for its people.
He said COMESAs strong leadership to deepen regional integration and promote regional food security was critical to help member states address regional challenges adding that the agreement advanced COMESAs leadership and reinforced the strong partnership between USAID/East Africa and COMESA.
The agreement will assist COMESA to reduce poverty through the promotion of business-friendly trade and investment policies.
USAID/East Africa will assist COMESA with simplification of customs procedures, implementation of the Common External Tariff and a regional strategy to increase the competitiveness of selected agricultural commodity value chains.
USAID will also support COMESAs participation in multilateral trade negotiations, said Meserve.
COMESA would also seek to enhance regional infrastructure and reduce the time and cost of transit and transport in the region, a major inhibitor to intra-regional and international trade.
Post published in: Economy