An economic study to evaluate the rates of trade exchange between Egypt and the COMESA countries In light of recent economic changes

Document Type : Original Article

Authors

1 Professor of economics, Dean of the Faculty of Commerce, Al-Azhar University

2 Economics lecturer at the Institute for Research and Studies of African and Nile Basin Countries - Aswan University

3 Master’s Researcher at the Institute for African Research and Studies and the Nile Basin Countries - Aswan University

Abstract

Egypt has established a vision aimed at deepening business integration among the countries of the region to expand the pace of economic recovery from the COVID-19 pandemic. This vision arises from these challenges and in light of the important role played by COMESA as a regional economic grouping aimed at achieving sustainable development for member states, deepening economic integration, and regional development among the member countries, in harmony with the African Continental Free Trade Agreement. The Egyptian vision aims to launch several initiatives to contribute to deepening integration in various economic sectors in the short and medium terms. Egypt believes that encouraging businesses—encompassing all forms of commercial, investment, and productive activities—will significantly contribute to accelerating the pace of recovery.
Regarding regional trade integration and the removal of customs barriers, Egypt has been implementing agreed-upon customs exemptions since its accession to COMESA, within the framework of the free trade area, in accordance with the principle of reciprocity. It is also working to remove any obstacles that prevent member states from providing the necessary exemptions in this regard, and establishing a mechanism for periodically reviewing the trade policies of member states. This will contribute to the effective participation of countries in applying customs privileges. Egypt places great importance on enhancing continental integration and encouraging the signatory countries of the free trade agreement for the three groupings to ratify the agreement so that it can be implemented and come into effect. Regarding industrial integration, it requires increasing productivity and cooperation in various manufacturing sectors and benefiting from the available resources of the countries in the region and their competitive capabilities to increase industrial production.

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International Journal of Advanced Research on Law and Governance
Volume 4, Issue 1
June 2022
Pages 274-303

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