CAIRO: Egypt’s exports to Common Market for Eastern and Southern Africa (COMESA) during last January reached $8.4 million, according to Central Agency for Public Mobilization and Statistics (CAPMAS.)
In its monthly report, CAPMAS announced in that Egypt’s imports reached $3.1 million. Adding that Djibouti came in the first place with $2.8 million, regarding the Egyptian exports to COMESA , while Egypt have no imports from Zimbabwe, Seychelles and Comoros.
Egypt acquired 25 percent of intra-regional trade exports in the COMESA, and it ranks fourth among the major importers in the COMESA region, African Development Bank (ADB) representative Laila Mokaddem said March 2014.
Egypt’s exports to international commercial gatherings increased from 56.9 billion EGP ($7.8) in 2012 to 64.5 billion EGP in 2013, according to CAPMAS.
The international gatherings include COMESA, Economic and Social Commission for Western Asia (ESCWA), Five Ten Group, Developing eight Countries (8-D), among others. Egypt is considered part of these gatherings.
A treaty establishing the COMESA was signed in 1993 and was ratified in 1994. Egypt joined in 1998 and started applying customs exemptions to imports from other signatories in 1999.
COMESA has 19 state members, including Egypt while a Free Trade Area was launched in 2002.
The common market allows free movement of goods, the creation of a unified customs tariff and a free movement of workers and capital between members states.
Investments within member states are considered local investments, allowing investors to benefit from facilitations, subsidies and tax benefits.