Common Market for Eastern and Southern Africa (COMESA) recently signed a Memorandum of Understanding (MoU) with Economic Community for West African States (ECOWAS) to enhance private sector development in the two regions.
The MoU was signed by COMESA General Secretary Sindiso Ngwenya and ECOWAS President Dr. Mohamed Chambas on January 29, 2010 in Addis Ababa, Ethiopia.
According to a statement made available to ZANIS in Lusaka yesterday by COMESA Secretariat, the MoU was also signed to advance regional economic integration towards attaining the African Economic Community (AEC).
The key areas of cooperation in the MoU range from private sector development including women in business and Small and Medium Enterprises (SMEs) to implementing food and nutrition security with a focus on implementing Comprehensive Africa Agriculture Development Programme (CAADP).
It is also expected that the visibility and participation of women in business will be advanced as this is crucial to creating employment and increasing household incomes while effectively contributing to economic growth and poverty reduction.
The MoU will also give an opportunity to member states to share experiences and to collaborate in the establishment of common positions on matters of international trade and investments negotiations.
Both COMESA and ECOWAS are recognized Regional Economic Communities (REC) working towards realizing AEC as envisaged by Lagos Plan of Action, through utilization of resources for the benefit of member states.
ZANIS
