The Common Market for Eastern and Southern Africa (COMESA), East African Community (EAC) and the Southern Africa Development Community (SADC) tripartite Summit of Heads of States and Government which met in Kampala Uganda on 22nd October expressed concern at the current global financial crisis undermining the economic stability of the world.

The Summit, whose theme was ‘Deepening COMESA-EAC-SADC Integration’ noted that the global financial crisis poses a serious threat to the growth of African economies particularly in terms of demand for African exports of goods and services, tourism, foreign direct investment and the achievement of the MDGs.

This is contained in a final communiqué read by Ambassador Juma Mwapachu, the Secretary General of EAC and made available to ZANIS in Lusaka today.

The communiqué noted that the tripartite summit called for a collective action to help African and other developing and least developed countries to address the adverse impact of the financial crisis and the global economic meltdown.

The summit further urged international financial institutions to adopt effective remedial measures to mitigate the risks.

It also noted the continued world food crisis and agreed to make strategic interventions to exploit the potential of African economies in the production of food and enhance accessibility to all markets.

The tripartite summit agreed on a programme of harmonizing trading arrangements amongst the three Regional Economic Communities (RECS).

In the area of trade, customs and economic integration, the tripartite summit approved the expeditious establishment of the Free Trade Area (FTA) encompassing the member and partner states of the three RECS with an ultimate goal of establishing a single Customs Union.

In the area of infrastructure, the tripartite summit launched the Joint Competition Authority (JCA) on Air Transport Liberalization which will oversee the full implementation of the Yamoussoukro Decision on Air Transport in the three RECS commencing in January next year.

The JCA comprises seven members, two members each from the EAC, COMESA and SADC plus a Chairperson on a rotational basis.

With regard to the Legal and Institutional Framework, the tripartite summit directed the Council of Ministers of each of the three RECs to within six months consider and approve the memorandum of understanding on inter-regional cooperation and integration which should also provide for the powers of each decision making level.

ZANIS/ENDS/CBM/EB

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10 COMMENTS

  1. The domino effect of the current financial crisis will hit African economies sooner or later in a drastic way we have never known before. Prayers can’t help us on this because even the Bible foretells a universal tribulation in the last days. I’m afraid we should be braced for chronic starvation, where only the fittest of the fittest shall survive.

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  2. I hope the Govt has learned from the mistakes we made during Chiluba’s era when we rushed ourselves into these regional groupings. We openned ourselves to competition we were not able to cope with. Being in a free trade area with stronger economies like RSA has flooded our country with imports from such countries. We need to stregthen our manufacturing base and lower production costs before we invite others to come sell their products freely in our own backyard. Some of these politicians just sign things they may not understand. We need to create manufacturing jobs not traders.

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  3. Zambian leaders like to bury their heads in the sand and say all is well when rich economies are crying. What does this all mean? Well, if the big banks are insolvent then it follows that they cant lend money and if they cant lend money, businesses and individuals cant buy most products and thus the economy slows down. If the western economies slow down, china produces less and demands less from commodity economies like zambia. furthermore as western govts tighten their purses and focus on bailing out the banks that hold them to ransom, then much less money for countries like zambia and then puft! goes the zambian economy.

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  4. What can Sata contribute at such high level meetings to other learned Afircan and World Leaders if he were to be Zambian President by mistake?

    Vote for HH for a real ray of Chnage na d Hope that all Zambians can believe and trust in.

    To this end, I ask RBB and MMD to quickly endorse HH for Zambian President. Munkombwe was quoted as saying the Sata may win if MMD makes a single or simple mistake. So, MMD stand up for what is right. It is not too late for RBB to infrom the Nation through ZNBC TV and radio with Times of Zambia together with Zambia Daily Mail that let all vote for HH.

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  5. Countdown: 5 days 5 hours 50 minutes remaining and we are counting.

    Vote for HH for a real ray of Chnage and Hope that all Zambians can believe and trust in. vote for your children’s future. Vote for economic independence

    To this end, I ask RBB and MMD to quickly endorse HH for Zambian President. Munkombwe was quoted as saying the Sata may win if MMD makes a single or simple mistake. So, MMD stand up for what is right. It is not too late for RBB to infrom the Nation through ZNBC TV and radio with Times of Zambia together with Zambia Daily Mail that let all vote for HH.

    May you all Zambians have a great weekend. I am leaving for a SABBATH recess. Thank you all for you support.

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  6. Yeah we watched our companies collapse and fold in the name of privatisation, new culture and competition and getting rid of socialism? look at the USA 700 billion kwacha released by Government as a bail out. not for government companies but private ones! they know if all these fold their will be no jobs, no economy to talk about etc… we have a lot to learn. but we are not far. next time the whites come to lie about capitalism and Government having no business in business we must tell them to go to HELL!

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