Xinhua
21 Nov 2023, 15:35 GMT+10
LUSAKA, Nov. 21 (Xinhua) -- The Common Market for Eastern and Southern Africa (COMESA) and the European Union (EU) on Monday signed two financing agreements with a total value of 48.2 million euros (53 million U.S. dollars).
The new grants to COMESA will focus on improving the overall trade competitiveness of COMESA member states and enhancing their market access.
COMESA Secretary-General Chileshe Kapwepwe commended the EU for the financial support, saying the two agreements will play an important role in enhancing overall competitiveness.
Kapwepwe said the support was part of the broader cooperation to enhance economic development, trade facilitation and regional integration within Africa's largest trading bloc.
"Despite the comparative advantage of the region linked mainly to its natural resources and its potential in agro-processing, textiles and garments, trade remains low compared to other regions, with many traded products being of low added value," she said.
She said intra-regional trade was being constrained by inadequate financing toward strategic investments aimed at making the region's private sector competitive.
Karolina Stasiak, the EU's ambassador to Zambia and special representative to COMESA, said the two organizations share similar objectives of facilitating regional integration, connectivity and trade.
Stasiak said in view of global challenges, the EU was calling for making trade fairer and more sustainable.
"We need to green our economies, make local, regional and global value chains more circular, and significantly reduce the negative impact of our economies on climate," she added.
Get a daily dose of Israel Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Israel Herald.
More InformationWASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...
NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...
RIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...