The European Union (EU) has signed a financing agreement with Africa’s largest trading bloc, the Common Market for Eastern and Southern Africa (COMESA), to enhance trade cooperation.
The agreement was signed by EU Ambassador to Zambia and Representative to COMESA Alessandro Mariani and COMESA’s secretary-general Sindiso Ngwenya.
The financing agreement involves a total of 68 million euros (76 million U.S. dollars) to fund the implementation of two programs aimed at reducing the cost of doing business among member countries of COMESA.
According to the statement, the trade facilitation program was meant to reduce the cost of doing business and moving goods in the regional bloc and has identified five key priority areas for support.
The five areas include monitoring and resolution of non-tariff barriers, implementation of the World Trade Organization trade facilitation agreement, coordinated border management and trade and transport facilitation along selected corridors and border posts.