US government increases funding to COMESA
The US government has increased funding to the Common Market for Eastern and Southern Africa (COMESA), Africa's largest trading block, for the 2010/2011 financial year, the Zambia Daily Mail reported on Saturday.
President Barack Obama's government has increased the funding from 1.593 million U. S. dollars allocated in the last program to 4 million dollars, according to Daily Mail.
COMESA Secretary General Sindiso Ngwenya said on Friday when U. S. Ambassador to Zambia Mark Storella presented his credentials as Washington's special representative to the regional body that the increase in this year's funding was an indication of the U. S. government's commitment to achieving the regional body's vision.
The COMESA chief said the support from the U. S. government had helped the regional body to enhance regional economic growth, integration and stability within the region, adding that the regional body had also witnessed increased commitment by the U. S. government to invest in agriculture and rural development.
The investment, he said, was a proven force for combating food security, and as an engine for broader economic growth, stability.
Meanwhile, the regional body had bemoaned the low levels of trade with the U. S. under the African Growth and Opportunity Act (AGOA), according to Daily Mail.
While acknowledging that the trade under AGOA has some benefits and 60 percent of COMESA member states were eligible, the official said bilateral trade remained slow.
AGOA was signed into law by former U. S. president Bill Clinton in May 2000 to expand trade and investment with the sub- Saharan Africa. It allows eligible countries' officials to review the implementation of AGOA, while exploring new ways for the future in order to enhance and strengthen trade integration and make smooth commerce activities between the U. S. and sub-Saharan Africa.
Meanwhile, the U. S. envoy said the partnership with COMESA was a renewed engagement with Africa by the Obama administration aimed at producing measurable and lasting results, according to Daily Mail.
The U. S. envoy said the Obama government had so far contributed 67 million dollars to build COMESA's capacity to be a platform for regional economic and trade development.
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Latest AGOA Trade Data currently available on AGOA.info
Click here to view a sector profile of COMESA's bilateral trade with the United States, disaggregated by total exports and imports, AGOA exports and GSP exports.
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