Wed, 13 Dec 2017 12:14:19 +0000
By Mailesi Banda
FINANCE Minister Felix Mutati has advised African governments to use national budgets for sustainable development and trade acceleration.
The minister said for African countries to enhance trade within the continent, there is need to harmonise competition laws that have proven to be barriers to trade.
Mr Mutati was speaking when he opened the 13th Common Market for Eastern and Southern Africa Fund meeting in Lusaka yesterday.
He said trade economic integration and inter-dependency of countries was a natural phenomenon, adding that even with economic challenges in the world, no country can claim to be self sufficient.
Mr. Mutati, who is the current chairman of the regional finance ministers comittee said COMESA countries had interests in strengthening the oneness of the members and by thinning the borders.
“Integration involves all countries going as one in the same direction, through the application of common standards for trade facilitation and movements across borders leading to seamless flow of documents, goods and services necesary for the development of our economies and strengthening of our business and local economic operators,” Mr Mutati said.
He also said for integration to work, there was need for COMESA countries to move together, adding that the weakest link will always determine the level and extent of success in the integration process.
Mr Mutati noted that regional integration works well where the flow goods and services is seamless.
The European Union head of Cooperation, Gianluca Azzoni said ownership of regional reforms is central for the growth of the African region, adding that meaningful impact and results can only be achieved with the right level of ambition and commitment.
Mr Azzoni disclosed that the European Union has allocated a budget of 1.3 billion in grants for regional integration in Eastern Africa, Southern Africa and the Indian region, adding that Euro 85 is earmarked to facilitate trade and economic integration within the COMESA sub region.
Meanwhile, COMESA Secretary-General Sindiso Ngwenya said without a transparent framework, it is difficult to regulate the African finance sector.
Mr. Ngwenya said it was important for the ministers to meet more and deliberate on promotion of trade in the region.
