THURSDAY, 3.30PM:
TRADE among members of the Common Market for East and Southern Africa (Comesa) has grown from under a billion US dollars in 1985 to about $2,2-billion today, acting Secretary-General Erastus Mwencha said in Harare on Wednesday.
“This translates into an average annual trade growth rate of 11,1%, compared with an average annual trade growth of 6,5% between Comesa and non-Comesa countries,” he said.
Comesa plans to establish a Free Trade Area by the year 2000, now that that Comoros, Sudan, Uganda and Zimbabwe have reduced their Comesa tariff rates by 80%.
Eritrea, Kenya, Malawi and Mauritius have reduced their tariff rates by 70%, and will move to 80% soon. Burundi, Rwanda and Zambia have reduced their tariff rates by 60%. Only Lesotho, Namibia and Swaziland have not reduced tariffs because they still enjoy derogation.