The idea of regional economic co-operation received considerable impetus from the buoyant and optimistic mood that characterised the post-independence period in most of Africa. Link to the Central bank. It also encompasses various trade and transport facilitation instruments (such as the Yellow Card Insurance and the COMESA Carnet), the creation of a Customs Union as well as the progressive liberalisation of trade and services, investments and the free movement of people. If your impeached can you run for president again? Burundi franc (FBu) (BIF) Jul.01.1962. Currency; Republic of Burundi: Bujumbura. In 1978, at a meeting of Ministers of Trade, Finance and Planning in Lusaka, the creation of a sub-regional economic community was recommended, beginning with a sub-regional preferential trade area which would be gradually upgraded over a ten-year period to a common market until the community had been established. It was under these circumstances that, in 1965, the United Nations Economic Commission for Africa (ECA) convened a ministerial meeting of the then newly independent states of Eastern and Southern Africa to consider proposals for the establishment of a mechanism for the promotion of sub-regional economic integration. Objectives of COMESA COMESA was established in 1994 to replace the Preferential Trade Area for Eastern and Southern Africa (PTA), which had been in existence since 1981. How do you put grass into a personification? This score pulls their overall rankings to the above-average zone. The member states are Burundi, Comoros, Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia and Zimbabwe. for any third country and shall be accorded immediately and unconditionally to the like product originating in or destined for the territories of all other Member States; "multimodal transport" means the transport of goods and services from one point to another by two or more modes of transport on the basis of a single contract issued It is important to underline the fact that the establishment of PTA, and its transformation into COMESA, was in conformity with the objectives of the Lagos Plan of Action (LPA) and the Final Act of Lagos (FAL) of the Organisation of African Unity (Organisation of African unity). The first IKEA store in Latin America opened on 17 February 2010 in Santo Domingo, Dominican Republic. The headquarters should not be used in acts that would jeopardize the host-country’s security and stability. The PTA was established to take advantage of a larger market size, to share the region's common heritage and destiny and to allow greater social and economic co-operation, with the ultimate objective being to create an economic community. The inefficiencies inherent in this system contributed significantly to the economic decline of the PTA/COMESA region. Photo Gallery. Tel: +251 11 551 77 00 Evolution of PTA/COMESA The Common Market for Eastern and Southern Africa traces its genesis to the mid 1960s. What does COMESA stand for? South Africa is not a member of COMESA, having opted for membership of the Southern African Development Community (SADC). How long will the footprints on the moon last? He appointed a pan-African committee of experts to review and submit proposals for a system of governance for the AU that would ensure the organisation was better placed to address the challenges facing the continent with the aim of implementing programmes that have the highest impact on Africa’s growth and development so as to deliver on the vision of Agenda 2063. There are 48 Subscribers monitoring this project. Box 3243, Roosvelt Street W21K19 Moussa Faki Mahamat, Chairperson of the African Union Commission, The AfCFTA Start of Trading Ceremony Webinar, 41st Weekly Press Briefing on the Coronavirus Disease Outbreak, Déclaration préliminaire: Mission d'observation électorale de l'UA aux élections présidentielle et législatives en République Centrafricaine, Déclaration préliminaire: Mission d'observation électorale de l'UA pour le premier tour de la présidentielle et des élections législatives au Niger, Economic Integration & Private Sector Development, Programming, Budget, Finance & Accounting, Other Mission and Special Liaison Offices, Key Transformational Outcomes of Agenda 2063, Constitutive Act, Charters, Privileges & Immunities, Agriculture & Environmental Management Treaties, Treaties on Trade, Economic Integration & Development, Treaties on Refugees, Migration, Labour & Employment, Treaties on Education, Science & Technology, Executive Council Decisions and Declarations.