COMESA was established in December 1994 replacing the PTA, which existed during the 1980s. According to the treaty by which COMESA was established, it is an organization that promotes cooperation among the sovereign states in developing their natural and human resources. It also promotes among other things the peace and security among the states. All the states would collectively endeavor to improve their economic situation.
There are 19 states, which happen to be the member of COMESA. The transaction has amounted to $32billion in the import sector and $82billion in the export sector. This is evident of the international market where traders trade their goods and earn quite a lump sum. The achievements of COMESA have been quite significant through the year.
Achievement of COMESA
In 2000 all the tariff barriers were eliminated among the member states and COMESA achieved its goal of a free trade. Two other states namely Burundi and Rwanda joined the list of COMESA on 1st January 2004. All the eleven members of the FTA are working towards eliminating the tariff barriers so that a free trade could be carried on within the countries, which would boost up the economy of the countries.
Other Objectives of COMESA
Apart from economic progression other objectives are:
Introduction of a computerized system of trade and promoting trade liberalization.
Enhance the communication system among the countries.
Encouraging the private sector and creating a legalized system of work
Establishing a harmony between the macroeconomic and monetary policies in the region.
Different COMESA Institutions
COMESA operates though the various branches, which it has. They are:
The COMESA clearing house in Harare
Te COMESA leather Institute in Ethiopia
The COMEA Trade and Development Bank in Nairobi.COMESA provides all its member states with lots of financial and infrastructural support to enable the states to improve their economic conditions. A decision making structure has been developed which is headed by the member of 20 countries. it has a council of Ministers and several advisory bodies to execute their plans. The secretariat is based in Lusaka, Zambia and all the main operations are carried on from there.
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Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. IMF’s Chief Economist from September 2003 to January 2007. Inaugural recipient of the Fischer Black Prize.
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Vice President and Director of the Global Economy and Development Program at the Brookings Institution. Former Turkish Minister of State for Economic Affairs. Head of the United Nations Development Program (UNDP) from 2005-2009.