By Delisa Thwala
Intra-COMESA trade has grown tremendously from just $1.5 billion (E27 billion) in 2000 to $14 billion (E252 billion) in 2023.
Despite these gains, intra-COMESA trade remains a relatively modest 7% of the region’s total trade and a much smaller portion relative to what the regions trades with the outside world.
This information was revealed by Chileshe Mpundu Kapwepwe, Secretary General of COMESA.
He was speaking at the opening ceremony of the 44th Meeting of the Bureau of the COMESA Committee of Governors of Central Banks held at CBE Complex in Ezulwini.
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Chileshe said, as part of COMESA’s broader strategy to enhance economic integration and inclusivity in the region, COMESA has been working on trade facilitation instruments to overcome barriers and accelerate intra-regional trade and investments.
The General said COMESA also continues to support negotiations in key service sectors, including business, financial, transport, communications, tourism, construction, and energy services, among others.
“As we celebrate our achievements, we must also acknowledge the challenges that we face today.
The geopolitical tensions that have emerged in various parts of the world, adverse climate events, a cost-of-living crisis among others, pose significant risks to our economies and our integration efforts,’’ he said
“These shocks are putting considerable strain to the regional economies and the world alike in the form of persistent disruption in global supply chains and increased inflation, increased volatility in global financial markets and tightening global financing conditions,’’ he added.
Further in his address, Chileshe said, this has put considerable pressure on exchange rates in developing countries, which in turn has heightened debt vulnerability and increased domestic inflation.
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The General mentioned that, it was imperative that they remain vigilant and initiative-taking in addressing these challenges, bolster their togetherness as a region and find solutions that work for them.
“As central banks, you have a responsibility to incorporate these risks into your monetary policy frameworks and to support sustainable development initiatives that will help mitigate these effects,’’ he said.
He further said, in light of these and other challenges, he implores each governor to double their efforts and provide the desperately needed policy solution and remain on course towards deeper monetary and economic integration of the COMESA region.
“Our commitment to integration and economic stability must remain unwavering, even in the face of adversity,’’ he said.
