The document discusses international trade and regional economic integration in Africa. It provides details on several major regional economic communities in Africa, including COMESA and the East African Community (EAC). COMESA aims to promote economic development and trade by removing barriers between countries in Eastern and Southern Africa. The EAC seeks similar goals among East African countries by establishing a customs union and common market to boost trade and investment. Both organizations aim to advance economic and political integration among their member states in multiple stages, from free trade areas to possible future monetary unions and political federations.
COMMON MARKET FOR EASTERN AND SOUTHERN AFRICA Experience of comesa in intra r...Parti Djibouti
The document outlines the history and development of regional economic integration efforts in Eastern and Southern Africa, culminating in the establishment of the Common Market for Eastern and Southern Africa (COMESA) in 1993. It notes that COMESA was established to promote cooperation and integration across various economic sectors through reducing barriers to trade and investment. Over time, COMESA aims to establish a fully integrated regional economic community with free movement of goods, services, capital and labor by 2018, and a future political union.
The document provides an overview of COMESA (Common Market for Eastern and Southern Africa), including its history, member countries, vision, mission, objectives, programs, and challenges. COMESA was established in 1981 as a preferential trade area and transformed into a common market via treaty in 1993. It currently has 19 member countries in Eastern and Southern Africa and aims to achieve economic integration and raise living standards. Key objectives include sustainable development, cooperation in various fields like trade and investment, and establishing an African Economic Community. Major programs focus on trade liberalization, facilitation, and private sector development. Challenges include differences in geography, history, politics and economies between members that complicate full integration and achievement of COMESA's
The document summarizes the 4th COMESA Investment Forum held in Dubai, UAE from March 23-24, 2011. Over 1,500 participants from over 80 countries attended to discuss investment opportunities in COMESA countries. Sessions focused on key sectors such as agriculture, trade, logistics, finance and infrastructure. COMESA provides many opportunities for investment and has seen high returns, though more can be done to improve regulations and the business environment. The forum helped strengthen the partnership between COMESA and Dubai by highlighting how they can collaborate to create business opportunities that benefit both regions.
This document list and briefly describe SOME key terms and concept that are important for students sitting the CSEC Social Studies exam to know and understand. It is by no means exhausted and additional terms can be loaded to compliment this one.
This document provides information about various trade blocs including the European Union (EU), North American Free Trade Agreement (NAFTA), and South Asian Association for Regional Cooperation (SAARC). It defines a trade bloc and lists their key features and effects. For each trade bloc there is a description of member countries, statistics on GDP, trade, and population. The roles and achievements of the blocs in promoting trade, economic growth, and regional cooperation are also summarized. India's trade relationships with these blocs are briefly outlined.
The Common Market for Eastern and Southern Africa (COMESA) is a regional economic bloc of 19 African countries that aims to promote trade and economic development in the region. COMESA has established a free trade area to reduce tariffs between member states and aims to create a customs union with a common external tariff by 2008. This will further boost intra-regional trade and attract more foreign investment. Kenya stands to benefit significantly from the larger COMESA market of 400 million people by improving the competitiveness of its industries and making its business environment more attractive to investors.
The document discusses several regional trade agreements including NAFTA, ASEAN, APEC, and BIMSTEC. It provides an overview of the objectives and goals of establishing each trade bloc, such as strengthening economic cooperation, reducing barriers to trade, and increasing investment opportunities between member countries. Key details include NAFTA's goals to create new markets and rules for business, ASEAN's aims to promote economic growth and prosperity in Asia-Pacific, and BIMSTEC's objectives to encourage development and alleviate poverty in South Asia.
COMMON MARKET FOR EASTERN AND SOUTHERN AFRICA Experience of comesa in intra r...Parti Djibouti
The document outlines the history and development of regional economic integration efforts in Eastern and Southern Africa, culminating in the establishment of the Common Market for Eastern and Southern Africa (COMESA) in 1993. It notes that COMESA was established to promote cooperation and integration across various economic sectors through reducing barriers to trade and investment. Over time, COMESA aims to establish a fully integrated regional economic community with free movement of goods, services, capital and labor by 2018, and a future political union.
The document provides an overview of COMESA (Common Market for Eastern and Southern Africa), including its history, member countries, vision, mission, objectives, programs, and challenges. COMESA was established in 1981 as a preferential trade area and transformed into a common market via treaty in 1993. It currently has 19 member countries in Eastern and Southern Africa and aims to achieve economic integration and raise living standards. Key objectives include sustainable development, cooperation in various fields like trade and investment, and establishing an African Economic Community. Major programs focus on trade liberalization, facilitation, and private sector development. Challenges include differences in geography, history, politics and economies between members that complicate full integration and achievement of COMESA's
The document summarizes the 4th COMESA Investment Forum held in Dubai, UAE from March 23-24, 2011. Over 1,500 participants from over 80 countries attended to discuss investment opportunities in COMESA countries. Sessions focused on key sectors such as agriculture, trade, logistics, finance and infrastructure. COMESA provides many opportunities for investment and has seen high returns, though more can be done to improve regulations and the business environment. The forum helped strengthen the partnership between COMESA and Dubai by highlighting how they can collaborate to create business opportunities that benefit both regions.
This document list and briefly describe SOME key terms and concept that are important for students sitting the CSEC Social Studies exam to know and understand. It is by no means exhausted and additional terms can be loaded to compliment this one.
This document provides information about various trade blocs including the European Union (EU), North American Free Trade Agreement (NAFTA), and South Asian Association for Regional Cooperation (SAARC). It defines a trade bloc and lists their key features and effects. For each trade bloc there is a description of member countries, statistics on GDP, trade, and population. The roles and achievements of the blocs in promoting trade, economic growth, and regional cooperation are also summarized. India's trade relationships with these blocs are briefly outlined.
The Common Market for Eastern and Southern Africa (COMESA) is a regional economic bloc of 19 African countries that aims to promote trade and economic development in the region. COMESA has established a free trade area to reduce tariffs between member states and aims to create a customs union with a common external tariff by 2008. This will further boost intra-regional trade and attract more foreign investment. Kenya stands to benefit significantly from the larger COMESA market of 400 million people by improving the competitiveness of its industries and making its business environment more attractive to investors.
The document discusses several regional trade agreements including NAFTA, ASEAN, APEC, and BIMSTEC. It provides an overview of the objectives and goals of establishing each trade bloc, such as strengthening economic cooperation, reducing barriers to trade, and increasing investment opportunities between member countries. Key details include NAFTA's goals to create new markets and rules for business, ASEAN's aims to promote economic growth and prosperity in Asia-Pacific, and BIMSTEC's objectives to encourage development and alleviate poverty in South Asia.
This document discusses international economic integrations and trade agreements. It begins by outlining the learning objectives, which include providing an overview of economic integration and discussing major trade groups. It then defines different forms of integration like preferential trade agreements, free trade agreements, customs unions, common markets, and economic unions. Major regional trade agreements discussed include the European Union, NAFTA, MERCOSUR, GCC, APEC, and ASEAN. India's participation in agreements like SAFTA, CECA with Singapore, ASEAN framework agreement, and BIMSTEC are also summarized. The document provides high-level information on concepts, definitions, objectives and examples of international economic integrations and trade agreements.
A free trade area is a group of countries that have signed an agreement to reduce or eliminate tariffs and quotas between member countries. This allows nations to specialize in goods they are comparatively efficient at producing, increasing overall efficiency and profits. Free trade agreements further reduce trade barriers and create more stable markets. Examples include NAFTA, ASEAN, and the European Union. The ASEAN Free Trade Area agreement aims to increase ASEAN's competitiveness and attract foreign investment by expanding intra-regional trade through tariff reductions. This has led to increased trade, investment, and economic growth among member nations.
The document discusses concepts related to regional integration such as common markets, free trade areas, and economic integration. It outlines the purposes of regional integration including developing human resources, improving education and health standards, and helping businesses thrive through policies like free trade and movement of labor. It also summarizes the functions of organizations that promote regional integration in the Caribbean like the OECS Secretariat, CARICOM Secretariat, and objectives of CARICOM and the CARICOM Single Market and Economy (CSME).
The document discusses several regional economic organizations in the Caribbean:
- CARICOM aims to encourage trade between member states and coordinate policies. It has branches for heads of government, implementing policies, and coordinating ministries.
- OECS seeks to form a common market and foreign policy among Eastern Caribbean members and defend their independence. It has committees for government, foreign policy, defense, economic affairs, and legal issues.
- ACS works to promote culture and increase trade/investment between Caribbean states through a secretariat and ministerial council.
- CSME allows free flow of goods/services between Caribbean islands as a single market.
- CCJ settles disputes related to CSME and CAR
This report showcases the results the Enhanced Integrated Framework (EIF) achieved in 2017 toward fulfilling the Sustainable Development Goals (SDGs) by helping the world’s poorest countries harness the power of trade to raise incomes and reduce poverty.
The document provides information on regional trade agreements, international economic institutions, and their objectives. It discusses the IMF, World Bank, WTO, NAFTA, ASEAN, SAARC, and MERCOSUR. The IMF was established to regulate exchange rates and enforce monetary system rules. The World Bank makes development loans to help countries pursue poverty reduction goals. UNCTAD deals with trade, investment, and development issues to promote equitable economic growth between developed and developing nations.
The 2014 Annual Report is split into three main sections. The first contains a message from the WTO Director-General. The second section provides a brief overview of 2013 and some background information on the WTO, while the third has more in-depth information.
Non-tariff barriers (NTBs) present major challenges for increasing intra-regional trade in South Asia under the South Asian Free Trade Agreement (SAFTA). NTBs include technical barriers to trade, sanitary and phytosanitary measures, import policies, customs procedures, standards, testing, labeling, and certification requirements. Developing countries face NTBs both in developed country markets and in South-South trade. South Asian countries apply various NTBs including import licensing, customs delays, reference pricing, emissions standards, and antidumping measures that can restrict imports. Removing NTBs will be essential for SAFTA to enhance regional trade.
1. The document discusses alternative regional integration frameworks in Latin America and the Caribbean, including ALBA, CELAC, UNASUR, and Petrocaribe.
2. ALBA emphasizes cooperation, complementarity, and extra-economic goals like human development over economic liberalization. Petrocaribe provides member countries with oil supplies at lower prices and more flexible payment terms.
3. While traditional integration schemes face challenges, these new frameworks fit models of developmental regionalism and South-South cooperation, and have provided development assistance and social programs that help alleviate economic crises. However, some question their long-term economic sustainability.
The document provides an overview of the World Trade Organization (WTO) and regulation of foreign trade. Some key points:
- The WTO was established in 1995 to supervise and liberalize international trade, replacing the General Agreement on Tariffs and Trade (GATT). It has 164 member countries and seeks to help trade flow freely through negotiations and dispute settlement.
- India's foreign trade is regulated by the Foreign Trade (Development and Regulation) Act of 1992. The Act empowers the central government to restrict or prohibit imports/exports and formulate export/import policies.
- India's current export-import policy covers 2015-2020 and aims to increase exports to $900 billion by promoting sectors and
The Pacific Alliance, that bring together Chile, Colombia, Mexico and Peru, has attracted much attention from many countries as the most dynamic regional integration scheme in Latin America. The group`s economies have been growing faster than other countries in the region and especially its projection into the East Asia is seen as very interesting.
For Peru the Pacific Alliance presents the best opportunity, together with the Free Trade Areas that it has signed with several Asian countries, to have greater economic relations with Asia, but specially to diversify it exports, now concentrated mainly in primary goods, as mineral, fishmeal, and natural gas.
India is engaged in several regional trade agreements (RTAs) aimed at liberalizing trade. These include bilateral agreements like the India-ASEAN agreement for trade in services and investment that is scheduled to be signed in 2014. India also has agreements like the Comprehensive Economic Partnership Agreement currently being negotiated with Sri Lanka to expand the existing free trade agreement between the two countries. India is similarly negotiating a Comprehensive Economic Cooperation Agreement with Thailand to build upon their existing framework agreement for free trade. These various RTAs seek to reduce tariffs and barriers to trade in goods, services and investment between the partner countries.
Regional Blocks - International Business - Manu Melwin Joymanumelwin
The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and Thailand.
Trade between Canada and CARICOM has more than doubled over the last decade. While still relatively small, Canada imports more goods from CARICOM than it exports and Canadian investment in CARICOM exceeds CARICOM investment in Canada. There are opportunities to increase trade in both goods and services, particularly in sectors like agriculture, energy and professional services. Strengthening economic ties through a trade agreement could facilitate greater market access, investment, and exchange of skilled workers between Canada and CARICOM countries.
Managing Economic Transformation and Value Chains Development: What Role for SADC Member States and the SADC Secretariat?
5-6 April 2016, Cresta Hotel, Gaborone, Botswana
The document discusses the formation of the ASEAN Free Trade Area (AFTA) and its impact on trade and Malaysian businesses. It provides background on international trade liberalization and the goals of establishing ASEAN and AFTA to increase intra-regional trade. Statistics show that AFTA has significantly increased ASEAN trade volumes. The document also examines how AFTA impacted the Malaysian automobile industry, initially harming domestic sales but later benefiting industry through increased regional integration and competition. It concludes that AFTA's disadvantages can be mitigated by further strengthening economic cooperation across ASEAN.
Presentation on Peer Review integrity at the Taylor & Francis Editorial Indabas in Midrand and Cape Town on 20 and 24 March 2015 by Janet Remmington, the Taylor & Francis Arts and Humanities journals and Africa office Editorial Director.
Sedie Josephine Moloko's curriculum vitae provides her personal and educational details. She has over 30 years of experience in nursing and healthcare management. Her roles have included hospital CEO, quality improvement coordinator, and district and provincial health advisor. She has extensive experience managing maternal health, HIV/AIDS, and quality improvement programs. She holds multiple degrees in nursing and public health management.
The document provides information about various upcoming events and deadlines for New Providence High School. It announces that cheesecakes from Ashley Farms will arrive on November 4th and must be picked up after school. It also reminds students of deadlines to order yearbooks, request transcripts, and register for December SATs and ACTs. The document lists the school's athletic teams and provides sports schedules and results for upcoming games. It congratulates the cross country team on their conference championship and provides contact information for the athletic department.
TCR Services Inc. is a $7 million business that builds and services desktops and networks. It builds 100% of the systems it sells, which accounts for over half its revenue. While initially focusing on retail, it now derives 80% of its business from commercial customers. Building its own systems allows it to offer better quality control and service. Customized and responsive service has become key to the success of build-your-own VARs in differentiating themselves. TCR has experienced at least 20% annual growth over the past 5 years and expects its networking business to grow in the coming years.
This document discusses international economic integrations and trade agreements. It begins by outlining the learning objectives, which include providing an overview of economic integration and discussing major trade groups. It then defines different forms of integration like preferential trade agreements, free trade agreements, customs unions, common markets, and economic unions. Major regional trade agreements discussed include the European Union, NAFTA, MERCOSUR, GCC, APEC, and ASEAN. India's participation in agreements like SAFTA, CECA with Singapore, ASEAN framework agreement, and BIMSTEC are also summarized. The document provides high-level information on concepts, definitions, objectives and examples of international economic integrations and trade agreements.
A free trade area is a group of countries that have signed an agreement to reduce or eliminate tariffs and quotas between member countries. This allows nations to specialize in goods they are comparatively efficient at producing, increasing overall efficiency and profits. Free trade agreements further reduce trade barriers and create more stable markets. Examples include NAFTA, ASEAN, and the European Union. The ASEAN Free Trade Area agreement aims to increase ASEAN's competitiveness and attract foreign investment by expanding intra-regional trade through tariff reductions. This has led to increased trade, investment, and economic growth among member nations.
The document discusses concepts related to regional integration such as common markets, free trade areas, and economic integration. It outlines the purposes of regional integration including developing human resources, improving education and health standards, and helping businesses thrive through policies like free trade and movement of labor. It also summarizes the functions of organizations that promote regional integration in the Caribbean like the OECS Secretariat, CARICOM Secretariat, and objectives of CARICOM and the CARICOM Single Market and Economy (CSME).
The document discusses several regional economic organizations in the Caribbean:
- CARICOM aims to encourage trade between member states and coordinate policies. It has branches for heads of government, implementing policies, and coordinating ministries.
- OECS seeks to form a common market and foreign policy among Eastern Caribbean members and defend their independence. It has committees for government, foreign policy, defense, economic affairs, and legal issues.
- ACS works to promote culture and increase trade/investment between Caribbean states through a secretariat and ministerial council.
- CSME allows free flow of goods/services between Caribbean islands as a single market.
- CCJ settles disputes related to CSME and CAR
This report showcases the results the Enhanced Integrated Framework (EIF) achieved in 2017 toward fulfilling the Sustainable Development Goals (SDGs) by helping the world’s poorest countries harness the power of trade to raise incomes and reduce poverty.
The document provides information on regional trade agreements, international economic institutions, and their objectives. It discusses the IMF, World Bank, WTO, NAFTA, ASEAN, SAARC, and MERCOSUR. The IMF was established to regulate exchange rates and enforce monetary system rules. The World Bank makes development loans to help countries pursue poverty reduction goals. UNCTAD deals with trade, investment, and development issues to promote equitable economic growth between developed and developing nations.
The 2014 Annual Report is split into three main sections. The first contains a message from the WTO Director-General. The second section provides a brief overview of 2013 and some background information on the WTO, while the third has more in-depth information.
Non-tariff barriers (NTBs) present major challenges for increasing intra-regional trade in South Asia under the South Asian Free Trade Agreement (SAFTA). NTBs include technical barriers to trade, sanitary and phytosanitary measures, import policies, customs procedures, standards, testing, labeling, and certification requirements. Developing countries face NTBs both in developed country markets and in South-South trade. South Asian countries apply various NTBs including import licensing, customs delays, reference pricing, emissions standards, and antidumping measures that can restrict imports. Removing NTBs will be essential for SAFTA to enhance regional trade.
1. The document discusses alternative regional integration frameworks in Latin America and the Caribbean, including ALBA, CELAC, UNASUR, and Petrocaribe.
2. ALBA emphasizes cooperation, complementarity, and extra-economic goals like human development over economic liberalization. Petrocaribe provides member countries with oil supplies at lower prices and more flexible payment terms.
3. While traditional integration schemes face challenges, these new frameworks fit models of developmental regionalism and South-South cooperation, and have provided development assistance and social programs that help alleviate economic crises. However, some question their long-term economic sustainability.
The document provides an overview of the World Trade Organization (WTO) and regulation of foreign trade. Some key points:
- The WTO was established in 1995 to supervise and liberalize international trade, replacing the General Agreement on Tariffs and Trade (GATT). It has 164 member countries and seeks to help trade flow freely through negotiations and dispute settlement.
- India's foreign trade is regulated by the Foreign Trade (Development and Regulation) Act of 1992. The Act empowers the central government to restrict or prohibit imports/exports and formulate export/import policies.
- India's current export-import policy covers 2015-2020 and aims to increase exports to $900 billion by promoting sectors and
The Pacific Alliance, that bring together Chile, Colombia, Mexico and Peru, has attracted much attention from many countries as the most dynamic regional integration scheme in Latin America. The group`s economies have been growing faster than other countries in the region and especially its projection into the East Asia is seen as very interesting.
For Peru the Pacific Alliance presents the best opportunity, together with the Free Trade Areas that it has signed with several Asian countries, to have greater economic relations with Asia, but specially to diversify it exports, now concentrated mainly in primary goods, as mineral, fishmeal, and natural gas.
India is engaged in several regional trade agreements (RTAs) aimed at liberalizing trade. These include bilateral agreements like the India-ASEAN agreement for trade in services and investment that is scheduled to be signed in 2014. India also has agreements like the Comprehensive Economic Partnership Agreement currently being negotiated with Sri Lanka to expand the existing free trade agreement between the two countries. India is similarly negotiating a Comprehensive Economic Cooperation Agreement with Thailand to build upon their existing framework agreement for free trade. These various RTAs seek to reduce tariffs and barriers to trade in goods, services and investment between the partner countries.
Regional Blocks - International Business - Manu Melwin Joymanumelwin
The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and Thailand.
Trade between Canada and CARICOM has more than doubled over the last decade. While still relatively small, Canada imports more goods from CARICOM than it exports and Canadian investment in CARICOM exceeds CARICOM investment in Canada. There are opportunities to increase trade in both goods and services, particularly in sectors like agriculture, energy and professional services. Strengthening economic ties through a trade agreement could facilitate greater market access, investment, and exchange of skilled workers between Canada and CARICOM countries.
Managing Economic Transformation and Value Chains Development: What Role for SADC Member States and the SADC Secretariat?
5-6 April 2016, Cresta Hotel, Gaborone, Botswana
The document discusses the formation of the ASEAN Free Trade Area (AFTA) and its impact on trade and Malaysian businesses. It provides background on international trade liberalization and the goals of establishing ASEAN and AFTA to increase intra-regional trade. Statistics show that AFTA has significantly increased ASEAN trade volumes. The document also examines how AFTA impacted the Malaysian automobile industry, initially harming domestic sales but later benefiting industry through increased regional integration and competition. It concludes that AFTA's disadvantages can be mitigated by further strengthening economic cooperation across ASEAN.
Presentation on Peer Review integrity at the Taylor & Francis Editorial Indabas in Midrand and Cape Town on 20 and 24 March 2015 by Janet Remmington, the Taylor & Francis Arts and Humanities journals and Africa office Editorial Director.
Sedie Josephine Moloko's curriculum vitae provides her personal and educational details. She has over 30 years of experience in nursing and healthcare management. Her roles have included hospital CEO, quality improvement coordinator, and district and provincial health advisor. She has extensive experience managing maternal health, HIV/AIDS, and quality improvement programs. She holds multiple degrees in nursing and public health management.
The document provides information about various upcoming events and deadlines for New Providence High School. It announces that cheesecakes from Ashley Farms will arrive on November 4th and must be picked up after school. It also reminds students of deadlines to order yearbooks, request transcripts, and register for December SATs and ACTs. The document lists the school's athletic teams and provides sports schedules and results for upcoming games. It congratulates the cross country team on their conference championship and provides contact information for the athletic department.
TCR Services Inc. is a $7 million business that builds and services desktops and networks. It builds 100% of the systems it sells, which accounts for over half its revenue. While initially focusing on retail, it now derives 80% of its business from commercial customers. Building its own systems allows it to offer better quality control and service. Customized and responsive service has become key to the success of build-your-own VARs in differentiating themselves. TCR has experienced at least 20% annual growth over the past 5 years and expects its networking business to grow in the coming years.
This document summarizes research being conducted on the Metro project in Quito, Ecuador from a rights-based governance perspective. It provides background on mobility issues and transport disadvantage. Initial findings indicate that transport-related social exclusion exists in Quito. The decision-making process around the Metro project occurred rapidly after feasibility studies with limited citizen participation. Local residents and businesses reported not being adequately consulted during planning. While Ecuador has constitutional rights around participation, civil society organizations argue the city government has not developed capacity for meaningful citizen engagement on transport issues.
This annual report summarizes the activities of the Southern African Customs Union (SACU) for the 2011/2012 financial year. Some key highlights include:
- Substantial progress was made in implementing the Trade Facilitation Programme, including adopting a regional customs policy and strategy to address illicit tobacco trade.
- A SACU statistical database was developed to serve as a central repository for economic data from member states.
- The review of the SACU revenue sharing arrangement continued, with a task team identifying key policy issues to consider in the review.
- SACU continued negotiations with key trading partners like India, the US, and the EU, as well as negotiations for a Tri
This document provides an annual report for the Southern African Customs Union (SACU) for the 2012 fiscal year. It summarizes the history of SACU as the oldest customs union in the world, dating back to 1889 agreements. It outlines SACU's vision for equitable and sustainable development. The report discusses progress made on SACU's work program priorities, which include regional industrial development policy, revenue sharing arrangements, trade facilitation, institutional development, and unified trade negotiations. It provides messages from the SACU Council of Ministers Chairperson and the Executive Secretary on activities in the past year and strategic priorities going forward.
The United Nations Conference on Trade and Development (UNCTAD) is the UN body dealing with trade, investment, and development issues. It was established in 1964 and has 194 member countries. UNCTAD aims to help developing countries make informed decisions to reduce global economic inequality and promote sustainable development. It undertakes research, provides a forum for discussions, and offers technical assistance on issues related to trade, investment, technology, and the specific needs of developing, landlocked, small island, and least developed nations.
The document discusses several international economic organizations including UNCTAD, which aims to integrate developing countries into the global economy; the Common Fund for Commodities, which facilitates international commodity agreements; and WIPO, which protects intellectual property rights globally. It also describes different types of regional trade agreements from preferential trading to economic unions and lists major regional trade blocks and India’s participation in them. Finally, it provides overviews of the General Agreement on Tariffs and Trade, World Trade Organization, International Monetary Fund, and World Bank Group.
1. The document discusses several international financial institutions including the World Bank and International Monetary Fund, their goals of providing loans and assistance to developing countries for economic development.
2. It also discusses the concepts of market integration seen in economic unions like the European Union and ASEAN, which aim to reduce barriers to trade and movement of goods, services, and factors of production across member countries.
3. The benefits of economic integration are outlined, including the EU's single currency, the Euro, which lowered costs for cross-border transactions and made price comparisons easier.
The document provides an overview of major international economic institutions including the General Agreement on Tariffs and Trade (GATT), World Trade Organization (WTO), International Monetary Fund (IMF), World Bank, South Asian Free Trade Area (SAFTA), Trade-Related Aspects of Intellectual Property Rights (TRIPS), and South-South Cooperation. It discusses the origins, objectives, and roles of each institution in facilitating international trade and economic cooperation between countries.
This document provides an overview of a class on international business and trade. The class rules require students to keep their microphones muted but cameras on, and to use the chat box to greet any visitors. The objective is for students to better understand international business dimensions and opportunities in global markets, with a focus on exports and examples from local and foreign experiences. A video on the role of trade in economic growth and poverty reduction is assigned for students to watch. The document then discusses how open trade policies can promote economic growth for all.
REGIONAL DIALOGUE BETWEEN WAEMU AND ECOWAS COMMISSIONS AND NON-STATE ACTORS OF WEST AFRICA ON THE ECONOMIC PARTNERSHIP AGREEMENT _17 and 18 January 2014, Dakar –Senegal
The East African Community (EAC) was established in 2000 between Kenya, Uganda and Tanzania with the aim of increasing trade and economic cooperation in the region. It has since expanded to include Rwanda and Burundi. The EAC seeks to create a large common market to attract investment and increase competitiveness. With a population of over 137 million currently that is projected to exceed 150 million by 2015, the EAC represents a sizable consumer market in Africa second only to Nigeria. Member states have also experienced strong GDP growth averaging around 8-9% annually in recent years. While challenges remain, the EAC's political and economic integration has progressed further than its previous iteration and its development is expected to significantly impact business opportunities in East
This document provides information about Mercosur, a South American trade bloc composed of Argentina, Brazil, Paraguay, Uruguay and Venezuela. It discusses Mercosur's history, objectives of establishing free trade and a common market between members, organizational institutions, types of goods exported, effects on tariff rates and trade volumes, performance through trade data and graphs, impacts on other regional groups, ways it has stimulated cooperation among members, obstacles faced, achievements and failures.
Harmonising International Commercial Law in Africa: Rationale, Achievements a...Stephanie van der Walt
This presentation prefaces a working paper that sets out to highlight the role of cross-border business law in the context of intra-regional trade and economic integration, particularly as it relates to Africa’s agricultural sector. International efforts are underway to better understand coordinate this nexus, however, within the African development framework, there is much room for improvement.
The discussion provides a brief overview of the rationale for regional integration with an emphasis on intra-regional trade and the role of private international law in facilitating the desired outcomes. The operation of OHADA is explained as an example of regional efforts to harmonise commercial regulation, along with the unique challenges encountered within the African context.
Cross-National Cooperation and agreements.pptxssuserb4feda
The document discusses various forms of economic integration between countries, from free trade areas to political unions. It provides examples like the European Union, NAFTA, and ASEAN. Economic integration aims to bring economies together as a single market by reducing barriers to trade and capital flows. The effects can include increased trade, investment, and economic growth, as well as impacts on jobs, incomes, and consumer welfare. Regional economic cooperation also seeks to boost competitiveness and stability. The World Trade Organization promotes global integration through trade liberalization and a rules-based trading system.
G20 Australia Presidency oecd stocktaking seminar on global value chainsDr Lendy Spires
G20 Australian Presidency-OECD Stocktaking Seminar on Global Value Chains was held in Paris on May 5, 2014 to discuss progress on measuring the impact of global value chains (GVCs) on trade, economic growth, and job creation. Participants discussed policy actions by G20 governments to raise collective GDP by 2% by 2018 through GVCs. Key points included: (1) protectionism increases costs and reduces competitiveness in GVCs; (2) reducing behind-the-border trade costs through standards harmonization could increase income by over $40 billion; and (3) ratifying the WTO Trade Facilitation Agreement and improving services sector regulations are critical to enabling GVCs and lowering trade
The document provides an overview and analysis of progress toward establishing a common market for the free movement of capital, services, and goods across the five East African Community (EAC) partner states of Burundi, Kenya, Rwanda, Tanzania, and Uganda. It finds that while commitments have been made in the EAC Common Market Protocol to liberalize these areas, laws and regulations of partner states still present barriers inconsistent with full implementation of the protocol. Specifically, it identifies restrictions in partner state laws affecting over 18 capital operations, at least 63 measures restricting trade in services across sectors, and ongoing non-tariff barriers limiting free movement of goods. The report recommends reforms to partner state laws to comply with commitments, as well as
Marketing (oral)regional economic and politicalintegrationjuanconderevuelta2
The document discusses different levels and types of regional economic and political integration. It outlines common determinants that drive integration such as shared culture, history, and proximity. Integration can range from bilateral/multilateral agreements and free trade areas to deeper integration like customs unions, common markets, monetary unions, and political unions. Examples provided include the EU, NAFTA, ASEAN, and African economic communities.
The document provides an overview of the East African Community (EAC) and its stages of integration. It summarizes that the EAC aims to establish a customs union, common market, monetary union, and ultimately a political federation among its partner states. This is to create a larger economic bloc with the benefits of increased trade, investment, and political stability in the region. The stages so far include establishing a customs union in 2005 and a common market in 2010, with monetary union planned for 2012. Full political federation would involve the partner states ceding some sovereignty to a central political authority.
Position Paper for World Trade Organization - NYC Model UN Conference 2009agemmel7
South Africa supports regional trade agreements and the creation of new organizations to facilitate trade. It proposes the creation of a new WTO committee called MINT to help developing countries industrialize and restructure their economies. South Africa also proposes the creation of an African trade organization called ACTO to promote free trade across Africa through lowering tariffs and economic cooperation. It believes regional trade agreements like SACU have increased trade and economic growth in southern Africa and can serve as models for broader cooperation.
The document discusses a study conducted on the United Nations Conference on Trade and Development (UNCTAD). It provides objectives of the study which include understanding UNCTAD's objectives, areas of work, meetings, relationship with other agencies, and advantages. It then provides an introduction on increasing globalization and challenges faced by developing countries. It outlines UNCTAD's history, organization structure, main areas of work, objectives, meetings, and the New International Economic Order concept.
This document discusses economic integration and trading blocs. It defines economic integration as agreements between nations to reduce trade barriers and boost cooperation. Trading blocs are preferential trade agreements between groups of countries that establish liberal trade rules for members. The document outlines different types of trading blocs from free trade areas to political unions. It provides examples like the EU, NAFTA, ASEAN, EFTA, and SAARC. Both opportunities and threats of trading blocs are mentioned. Key aspects of major trading blocs are summarized.
The document discusses Uganda's financial services sector. It describes the four tiers of financial institutions in Uganda: (1) commercial banks that take deposits and make loans; (2) credit institutions that also take deposits and make loans; (3) microdeposit-taking institutions (MDIs) that accept small deposits and make small loans; and (4) unregulated institutions like SACCOs that make loans but do not accept deposits. It then provides examples of institutions that fall into each tier and describes their distinguishing characteristics and regulations.
The document discusses Uganda's financial services sector. It begins with a historical overview of banking in Uganda, from the initial four commercial banks at independence to periods of economic breakdown and reforms. It then describes the structure of Uganda's financial sector, including the roles of various institutions such as commercial banks, development banks, microfinance organizations, and the Bank of Uganda as regulator. The informal financial sector is also briefly outlined.
This document provides an overview of key Ugandan laws that regulate banking and financial services. It discusses the Financial Institutions Act of 2004, which guides the operation of banks and non-banks and aims to maintain confidence in the financial system. It also covers the Bank of Uganda Act of 2000, which gives the central bank authority to supervise financial institutions. Additional acts discussed include the Bills of Exchange Act regarding negotiable instruments, and the Micro Finance Deposit-Taking Institutions Act of 2003 concerning the regulation of microfinance institutions. The conclusion emphasizes that bankers must understand and conform to relevant legislation in order to properly perform their daily tasks.
This document discusses contract law and its importance in banking. It covers the following key points:
- Contract law is central to banking as banks enter into many contracts with customers for services like opening accounts and providing loans.
- The essential elements of a valid contract are an agreement between parties involving an offer, acceptance, and consideration.
- For a contract to be enforceable it must also meet additional requirements around legality, capacity, consent, and formalities.
- Breach of contract occurs when one party fails to perform according to the terms and the injured party can sue for damages. This is important in banking when mistakes are made processing items like checks.
This document provides an overview of the legal environment module for the Uganda Institute of Banking & Financial Services. It discusses the sources of law relating to financial institutions, including acts of parliament, statutes, and legal principles. It also covers specific topics like contract law, negotiable instruments, and the relationship between banks and their customers. The role of legislation in regulating the banking sector is explained, along with key concepts like the definition of law, the classification of law into public and civil components, and the "Code of Banking" which comprises established practice rules for the industry.
The document discusses the banker-customer relationship under contract law. It defines key terms like banker, customer, and bank. A banker is defined as someone who carries out the business of banking like accepting deposits and honoring checks. A customer is anyone who uses a bank's services, including those without an account. The relationship is a contractual one, with implied rights and duties. Rights of bankers include charging fees and interest, while duties include keeping information confidential and honoring valid checks. The contract can end through termination by either party, by operation of law like death, or after reasonable notice from the bank.
This document discusses the banker-customer relationship under contract law in Uganda. It begins by defining key terms like "banker", "customer", and "banking". A banker is defined as someone who carries out the business of banking, such as accepting deposits and honoring withdrawals. A customer is anyone who enters an agreement with a bank for services.
The relationship between a banker and customer is described as contractual, with implied rights and duties. General contract law principles apply. When opening an account, banks must verify a customer's identity and obtain signatures or mandates authorizing transactions. Both bankers and customers have legal rights and duties in the contract, such as bankers having the right to charge fees and customers having the duty to
This document discusses negotiable instruments and bank cheques. It defines negotiable instruments as documents used in commerce to secure payment of money. Cheques are specifically defined as written promises by the drawer for the bank to pay the payee on demand. The key parties to a cheque are the drawer, drawee (bank) and payee. Features of a cheque include the cheque number, sort code, account number and crossing lines instructing the bank to deposit funds in the payee's account rather than paying in cash. Negotiable instruments must bear the maker's signature, include an unconditional promise to pay a fixed sum, specify a payment on demand or at a definite time, and be payable to order or to bear
This document discusses pricing mechanisms and concepts from an economics perspective. It defines pricing as the process of determining the cost for goods and services based on factors like production costs, competition and demand. It then describes price mechanisms as how buyers and sellers negotiate prices based on supply and demand through mutual exchanges. Finally, it outlines three key functions of price mechanisms: 1) they act as signals to producers about supply and demand, 2) they transmit consumer preferences to producers, and 3) they provide incentives for producers and consumers to change their behavior in response to price changes.
Banks play an important role in the economy by serving as financial intermediaries. They accept deposits from savers and pool those funds to provide credit to borrowers, either directly through lending or indirectly by investing in capital markets. This transfers funds from those with surplus money to invest to those who need to borrow funds. Commercial banks also facilitate national and international trade by transferring funds, which is key to the functioning of the economy. Banks include central banks that implement monetary policy, commercial banks that accept deposits and provide credit, savings banks for lower income savers, and development banks that lend to new businesses.
This document discusses environmental conservation and its relationship to economics. It begins by defining economics and the environment. It then outlines global trends in increasing priority given to environmental protection, including frameworks like the UNFCC and Kyoto Protocol. For Uganda specifically, the document notes that environmental sustainability is a strategic objective in development plans but the country has not performed well on related MDG measures. It emphasizes that Uganda's prosperity relies on biodiversity that faces threats. Finally, it describes the interrelationship between the environment and economics, noting the environment supplies resources and economic prosperity relies on it.
The document discusses international trade and regional economic integration in Africa. It provides details on several major regional economic communities in Africa, including COMESA and the East African Community (EAC). COMESA aims to promote economic development and trade by removing barriers between member states. Its goals include establishing a free trade area and eventually a common market and monetary union. The EAC also seeks to deepen economic and political integration between its members through cooperation in areas like trade, infrastructure, and security. Both organizations aim to boost intra-regional trade and investment through gradual economic harmonization and coordination between states.
The document discusses the role of government in regulating economic activity and maintaining stable market conditions. It describes how governments establish legal frameworks, regulate industries like banking, implement fiscal and monetary policies to influence economic growth and inflation, redistribute resources, and address externalities. Specifically, it outlines the government's role in regulating general business interactions and specific industries, using policies like taxation and money supply management to guide economic stabilization, and providing services that markets do not.
The document discusses different types of business organizations including sole proprietorships, partnerships, limited liability companies, and cooperatives. It provides details on the key advantages and disadvantages of each type. Sole proprietorships are easy to establish but the owner bears all financial risks, while partnerships allow for more capital but partners have unlimited liability. Limited liability companies provide protection of personal assets but involve more legal formalities. Cooperatives make it easier to raise capital from members but with less personal control over business decisions.
This document discusses inflation, including its definition, causes, effects, and methods of control. Inflation is defined as a rise in the general level of prices for goods and services in an economy over time, which causes a loss of purchasing power. Common causes of inflation include increases in production costs, demand, money supply, and imported goods prices. Effects can be both positive, like encouraging investment, and negative, like uncertainty reducing investment. Controlling inflation involves monetary policy through central banks targeting low interest and inflation rates.
This document provides an overview of key economic concepts and the economic environment. It begins by explaining the objectives of the module which are to explain the economic environment, basic economic concepts, micro and macroeconomics, and different economic situations and their causes. It then defines several important economic terms and concepts such as scarcity, resources, supply, demand, market equilibrium, production, cost, efficiency, and opportunity cost. It also distinguishes between microeconomics and macroeconomics and explains economic indicators like economic growth, inflation, employment, and unemployment.
The document discusses lending, insolvency, receivership, and bankruptcy from the perspective of banks and lenders. It covers the typical lending cycle and key issues at each stage. Acts of bankruptcy under Ugandan law are outlined, including conveyance of property to trustees or fraudulent transfers. The implications of receivership are summarized, such as the receiver taking charge of the borrower's affairs and replacing management. Finally, the duties of a receiver and effects of bankruptcy are briefly explained, such as proof of debts by creditors and priority of certain debt types in distribution of the bankrupt's property.
The document discusses lending in the banking business and concepts related to insolvency. It begins by outlining the learning outcomes which are to articulate the role of lending, discuss the bank lending cycle, and explain insolvency, bankruptcy, and receivership. It then provides definitions of key terms like insolvency, receivership, and bankruptcy. Finally, it lists 11 signs that can indicate a business or individual is insolvent, such as continuing losses, current liabilities exceeding assets, unpaid taxes, and suppliers requiring cash-on-delivery or special payments. The document aims to explain these lending and insolvency concepts to banking and financial services students.
This document discusses lending in the banking business. It covers general principles of good lending, the typical lending cycle, and remedies for defaulting borrowers. Delinquency or default refers to a borrower failing to pay installments on time. Causes of delinquency include inability to pay, business failure, adverse economic conditions, willful default, death, inappropriate loan terms, and bankruptcy. Managing delinquency involves preventing late payments through proper underwriting and tailoring loans to borrowers' needs. It also involves solving existing delinquencies through measures ranging from contact and rescheduling to seizing and selling collateral.
This document discusses different types of lending in the banking business. It defines corporate lending as lending to companies and institutions that are separate legal entities, while retail lending refers to lending to individuals and small businesses. The key differences between corporate and retail lending are loan amounts, who signs contracts and bears liability, and complexity. Requirements for corporate lending include the company being incorporated and having authority to borrow, while requirements for retail lending include the borrower being an adult of sound mind and having debt repayment capacity. Mortgage lending is also discussed as a specialized type of lending secured by property.
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Economic environment unit7
1. THE UGANDA INSTITUTE
OF BANKING &
FINANCIAL SERVICES
UIBFS
ISO 9001:2008 CERTIFIED
Introduction to Basic Economic Theory and Concepts
The Banking Economic Systems
Pricing and Price Mechanism
Inflation
The Government and Economy
Types of Business Organizations
MODULE COVERAGE
1
International Trade and Regional Groupings
At the end of this unit, you should be able to:
•Explain the basics of international trade
•Explain the different regional groupings and their objectives
2. THE UGANDA INSTITUTE
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• International Trade
International trade is the exchange of goods and services across international borders.
In most countries, it represents a significant share of Gross Domestic Products
(GDP). (see module 6)
• Regional Integration
The African continent contains fifty five countries, most of which are small in size.
There is still little intra-African trade. The markets accessible to African countries
are therefore narrow and often isolated due to inefficient transportation routes
and the erection of trade barriers. To overcome this situation, numerous regional
integration agreements have been signed between African countries. The most
important of these agreements are:
1. The Common Market for Eastern and Southern Africa (COMESA)
2. The Economic Community of West African States (ECOWAS)
3. The Southern African Development Community (SADC)
4. The Central African Economic and Monetary Community (CAEMC)
5. The West African Economic and Monetary Union (WAEMU)
6. The Southern African Customs Union (SACU).
2
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Regional integration is the act of grouping several countries in the same geographic
zone with the aim of forming a larger ensemble and a wider market. Within this
space, free circulation of people, goods and capital is implemented. Companies
can therefore sell their goods on larger markets.
The various production zones in the region can specialize in those sectors of activity in
which they are most competitive, and businesses can industrialise production. In
theory, this makes it possible to lower production costs and improve the region’s
economy.
This grouping takes the legal and political form of the signature of a trade agreement
by different countries.
• The Stages in the regional integration process
Stage One: The Free Trade Zone. Countries that decide to implement regional
integration eliminate customs duties on the goods they produce that circulate
within the regional area. Each member country levies the customs tariffs of its
choice on goods from countries that are not members of the free trade zone.
Stage Two: The Customs Union. The countries that make up the free trade zone
establish a common external tariff (CET) to unify the customs regime for non-
member countries.
3
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Stage Three: The Common Market. The custom union’s member countries liberalize
the circulation of production factors within the zone. Workers and businesses can
freely move to any country within the common market.
Stage Four: The Economic Union. The countries that belong to the common market
take the next step by unifying their economic policies in the areas of competition,
currency, agriculture, taxation, etc. For instance, in the agricultural sector, the
member countries regulate production and the market, and harmonize prices.
Stage Five: The Monetary Union. To foster trade between the regional organization’s
member countries, some regional groups adopt a common currency. This has the
advantage of lowering the cost of trade by eliminating currency conversion
expenses.
Stage Six: Widespread Integration. The economic union’s member countries decide to
fuse politically and set up a central government for the union.
4
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Regional Groupings
For relevance to Uganda, we shall explore more the Common Market for Southern and
Eastern Africa (COMESA) and the East African Community (EAC).
COMESA.
The Treaty establishing COMESA was signed on 5th November 1993 in Kampala,
Uganda and its member countries are Angola, Burundi Comoros, D.R. Congo,
Eritrea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda,
Seychelles, Sudan, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.
COMESA replaced the former Preferential Trade Area (PTA) which had existed from the
earlier days of 1981 and was established 'as an organization of free independent
sovereign states which agreed to co-operate in developing their natural and
human resources for the good of all their people.'
Its main focus is on the:
1. Formation of a large economic and trading area that is capable of overcoming
some of the barriers that are faced by individual states.
2. The promotion of peace and security in the region.
5
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The aims and objectives of COMESA have been designed so as to remove the
structural and institutional weaknesses in the member states by pooling resources
together in order to sustain their development efforts either individually or
collectively. These are as follows:
1. To attain sustainable growth and development of the member States by
promoting a more balanced and harmonious development of its production and
marketing structures;
2. To promote joint development in all fields of economic activity and the joint
adoption of macro -economic policies and programmes; to raise the standard of
living of its peoples, and to foster closer relations among its member States;
3. To co-operate in the creation of an enabling environment for foreign, cross-
border and domestic investment, including the joint promotion of research and
adaptation of science and technology for development;
4. To co-operate in the promotion of peace, security and stability among the
member States in order to enhance economic development in the region;
5. To co-operate in strengthening the relations between the Common Market and
the rest of the world and the adoption of common positions in international
fora; and
6. To contribute towards the establishment, progress and the realization of the
objectives of the African Economic Community.
6
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By agreeing to the above, member States have agreed on the need to create
and maintain:
• A full free trade area guaranteeing the free movement of goods and
services produced within COMESA and the removal of all tariffs and non-
tariff barriers; a customs union under which goods and services imported
from non-COMESA countries will attract an agreed single tariff all COMESA
States;
• Free movement of capital and investment supported by the adoption of
common investment practices 50 as to create a more favourable
investment climate for the entire COMESA region:
• A gradual establishment of a payments union based on the COMESA
Cleaning House and the eventual establishment of a common monetary
union with a common currency;
• The adoption of a common visa arrangement, including the right of
establishment leading eventually to free movement of bona fide persons.
7
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COMESA Achievements:
• COMESA, as well as is predecessor the PTA, has achieved a lot in the area of trade,
customs, transport, development finance and technical co-operation. Impressive
progress has also been made in the productive sectors of industry and agriculture.
• Trade facilitation and trade liberalization measures are bearing fruit. Intra-COMESA
trade is increasing and studies indicate that this can increase to about US$4 billion
annually. The challenge facing COMESA is to exploit this potential further.
• As a result of COMESA traffic facilitation measures, transport costs have been
reduced by a factor of about 25% and efforts are underway to reduce them
further.
• In the sector of telecommunications, special emphasis has been placed on
network development to enable direct telecommunication links through more
reliable infrastructure in order to avoid third country transit systems, which prove
to be very costly.
• COMESA has established several important institutions including the PTA Trade and
Development Bank, the COMESA Clearing House, the COMESA Re-insurance
Company and the COMESA Leather and Leather Products Institute.
• The PTA Bank has, over the years, been very active in promoting investments and
providing trade financing facilities.
• A decision has been taken to introduce the COMESA Dollar to replace the UAPTA.
8
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East African Community (EAC)
• During a one-day summit in Arusha, Tanzania on 22 January 1999, the Heads of
State of Tanzania, Kenya and Uganda resolved to sign the Treaty re-establishing the
East African Community (EAC) by the end of July 1999. The community was to take
over from the Permanent Tripartite Commission for East African Co-operation.
• The EAC strategy emphasises economic co-operation and development with a
strong focus on the social dimension. The role of the private sector and civil
society is considered as central and crucial to the regional integration and
development in a veritable partnership with the public sector.
• Establishment of an internationally competitive single market and investment area
in East Africa is accorded priority alongside the development of regional
infrastructure, human resource, science and technology.
Objectives
Countries emphasize co-operation in the priority areas of transport and
communication, trade and industry, security, immigration and the promotion of
investment in the region.
9
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The EAC's bid to create a single East African market entails easing travel
restrictions, harmonising tariffs, increasing co-operation among security
forces, improving communications, sharing electrical power and addressing
Lake Victoria issues.
Concrete measures toward integration include freely exchangeable currencies
(and ultimately a single currency), a common East African passport, a common
flag and a double taxation accord.
It also aims to abolish all tariffs with the aim of attaining economic and political
integration. Each member would, however, be allowed to extract a maximum
10% surcharge on some products in order to protect indigenous industries,
especially in the smaller economies of Tanzania and Uganda.
This will be achieved through the establishment of a Customs Union as the entry
point of the Community, a Common Market, subsequently a Monetary Union
and ultimately a Political Federation of the East African States.
10
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The regional organization aims at achieving its goals and objectives through:
– promotion of a sustainable growth and equitable development of the region,
including rational utilisation of the region's natural resources and protection
of the environment;
– strengthening and consolidation of the longstanding political, economic,
social, cultural and traditional ties and associations between the peoples of
the region in promoting a people-centred mutual development;
– enhancement and strengthening of participation of the private sector and civil
society;
– mainstreaming of gender in all its programmes and enhancement of the role
of women in development;
– promotion of good governance, including adherence to the principles of
democracy, rule of law, accountability, transparency, social justice, equal
opportunities and gender equality; and
– Promotion of peace, security and stability within the region and good
11
Editor's Notes
At the end of this unit, you should be able to:
Explain the basics of international trade
Explain the different regional groupings and their objectives
The economic, social, and political importance of international trade has been on the rise in recent mainly because of Industrialization, advanced transportation, Globalization, Multinational corporations, and outsourcing. In fact, it is probably the increasing prevalence of international trade that is usually meant by the term "globalization". International trade is also a branch of economics, which together with International finance, forms the larger branch of International economics.
While consumers and producers make most decisions that mold the economy, government activities usually have powerful effects on a country’s economy. Generally, the role of government in the economy can be viewed from four aspects; as a regulator, as a tax-gatherer, as an owner and as a provider.
African countries’ international trade is not regulated by the World Trade Organization (WTO)’s multilateral agreements alone. It is also regulated by bilateral and regional agreements. Taking into account this diversity of agreements and their relationships to the WTO’s multilateral trading system helps one understand the full complexity of African countries’ foreign trade relations.
Regional integration, or “south-south” trade, is very important. Trade between countries with similar socioeconomic structures, or even shared cultural values, is often seen as easier and more beneficial for each of the trading partners than “north-south” trade.
While consumers and producers make most decisions that mold the economy, government activities usually have powerful effects on a country’s economy. Generally, the role of government in the economy can be viewed from four aspects; as a regulator, as a tax-gatherer, as an owner and as a provider.
The most advanced example of regional integration in the world is the European Union (EU). Its member countries trade nearly 70% of their goods with each other. The Euro Zone member countries adopted a single currency of the same name in January 1999. Since the 1960s, EU countries have had a common agricultural policy (CAP) that has helped develop European countries’ agricultural production and exports. Other trade agreements between states do not take regional integration as far, but do aim to create free trade zones.
The West Africa group is built around ECOWAS, the Central Africa group around CAEMC, the East Africa group around COMESA, and finally the Southern Africa group around the SADC.
The East African Countries also formed the East African Community.
These regional blocks do not exactly match existing regional integration zones. Thus, Mauritania negotiates in the ECOWAS block although it is not a member. It is therefore planned that Mauritania joins the ECOWAS common market and adopt the same tariff structure for its customs duties. In addition, Tanzania--which had formed a common market with Uganda and Kenya--is not negotiating the EPA in the same regional group (Tanzania negotiates with the SADC, while Kenya and Uganda negotiate with the Eastern and Southern Africa (ESA) group).
COMESA is an all-embracing development organization involving co-operation in all economic and social Sectors. However, due to resources constraints, the implementation of activities and programmes will be prioritized in areas where the greatest impacts can be made. To that end, the first COMESA Authority of Heads of State and Government, at its meeting held in Lilongwe, Malawi from 8th to 9th December 1994, adopted the following five priorities to be the basis of COMESA's focus for the next five to ten years.'
• Significant and sustained increases in productivity in industry, manufacturing, processing and agro-industries to provide competitive goods as the basis for cross-border trade and to create more wealth, more jobs and more incomes for the people of the region;
• Increase agricultural production, with special emphasis on the joint development of lake and river basins so as to reduce dependence on rain-fed agriculture and new programmes on food security at the provincial or district levels, national and regional levels;
• Development of transport and communications infrastructures and services with special emphasis on linking the rural areas with the rest of the economy in each country as well as linking the member States
• New programmes for trade promotion, trade expansion and trade facilitation especially geared to the private sector, so as to enable the business community to take maximum advantage of the Common Market, and
• Development of comprehensive, reliable and up to date information data bases covering all sectors of the economy including industry, energy, environment, agriculture transport, communications, investment and finance, trade, health and human resources to form the basis for sound investment decisions and macro-economic policy formulation and programming.
The COMESA agenda is to deepen and broaden the integration process among member States through the adoption of more comprehensive trade liberation measures such as the complete elimination of tariff and non-tariff barriers to trade and elimination of customs duties; through the free movement of capital, labour, goods and the right of establishment; by promoting standardised technical specifications, standardisation and quality control; through the elimination of controls on the movement of goods and individuals; by standardising taxation rates (including value added tax and excise duties), and conditions regarding industrial co-operation, particularly on company laws, intellectual property rights and investment laws; through the promotion of the adoption of a single currency and the establishment of a Monetary Union; and through the adoption of a Common External Tariff (CET).
COMESA now recognizes that in order to increase levels of intra-regional trade, there is a need to address the regulatory and policy aspects of transport and communications to make the movement of goods, services and people between countries in the region easier and cheaper; to create a legal framework and enabling environment within which private sector business can operate effectively in the region, and to harmonize macro- economic and monetary policies.
COMESA also recognizes the need to promote investment in the region and addresses this issue through facilitation of bilateral agreements; promoting export drives by individual member States, and identifying specific projects which have the potential to act as growth poles between two or more member States.
In addition to a decision to re-establish the East African Community by the end of 1999, other issues raised at the EAC Summit of January 1999 included the signing of a Memorandum of Understanding on Foreign Policy Co-ordination; Zero tariff rates to beadopted by 1 July 1999 and the implementation of COMESA's 80% tariff reduction objective at the same time; setting up of a mechanism to deal with terrorism in the region; and postponement in admitting Rwanda and Burundi to the EAC. The current members of the EAC are now Kenya, Uganda, Tanzania, Rwanda and Burundi.