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President Yoweri Museveni on Friday assumed chairmanship of the Common Market for Eastern and Southern Africa (COMESA) regional economic bloc. Museveni takes over from the outgoing President Joyce Banda of Malawi who handed over the chairpersonship during the 16th summit of the COMESA heads of state and government. The summit taking place at the Speke Resort Munyonyo will close on Saturday, and is taking place under the theme, “enhancing intra-COMESA trade through micro, small and medium enterprise development.” President Museveni in his address said that African economies are too divided up, which undermines their profitability and countries cannot attract foreign …

The African heads of state meeting in Kampala is today expected to adopt a report on regional trade, arising out of a meeting of the Council of Ministers. The spokesperson of the foreign affairs ministry, Elly Kamahungye, said the council had met earlier and completed a report, which makes key recommendations on a number of issues, including regional trade. Kamahungye yesterday said the heads of state will discuss how to move the Common Market for East and Southern Africa (COMESA) economic bloc forward after most member states ratified the Free Trade Arrangement (FTA). “The FTA means that member countries have …

The eighth Comesa Business Forum closed yesterday November 21st 2012, leaving behind both the good and bad news. The good news is that Uganda is now a member of the Comesa Free Trade Area (FTA) and the bad news is that — depending on how Uganda plays the ball – it could end up as a dumping ground for regional products. With FTA, there will be increased trade among member states and a wider market that provides several varieties in goods traded. And the country’s private sector will not only access more than 400 million people, but do so without …

The private sector has lauded the Government for ratifying the COMESA free trade area, saying it will open huge markets for the country. The Private Sector Foundation boss Gideon Badagawa described the decision as a good development for trade and investments. “Now that the Government has pronounced itself, we will go full scale to sensitise our members,” said Badagawa over the weekend. Cabinet last week approved a recommendation by the minister of trade for Uganda to join the COMESA free trade area (FTA). The decision makes Uganda the 15th COMESA FTA member, opening up the opportunity for increased trade competitiveness …

Uganda is set to enjoy a 50% increase in export revenues after Cabinet yesterday approved a recommendation by the minister of trade for Uganda to join the COMESA free trade area (FTA). The decision effectively makes Uganda the 15th COMESA FTA member and opens up the opportunity for increased trade competitiveness mainly through increased earnings from exports. Trade minister Amelia Kyambadde last week said that with the ascension to the 19 member trade bloc FTA, exports are expected to grow by an average of 50% annually. “In the COMESA region, DRC is Uganda’s second largest market after southern Sudan at …

COMESA businessmen are converging today Tuesday 20th November 2012 in Kampala to discuss how to promote small and medium enterprises development in the region. The 8th business forum under the theme: ‘Enhancing Intra-COMESA Trade through Micro, Small and Medium Enterprise Development; Seizing opportunities for Innovation and Prosperity in Business’ will take place at the Commonwealth Speke Resort Munyonyo. About 900 delegates are expected to attend the forum, which will culminate into the leaders’ summit, where the heads of states from the 19 member states will endorse the proposals. Hon Amelia Kyambadde, the Minister of Trade, Industry and Cooperatives, said micro, …

Uganda has joined the COMESA Free Trade Area . This is in accordance with the National Trade Policy, the National Development Plan and 2011 NRM Election Manifesto, which prioritized regional integration and enhancing market access for Ugandan goods and services. On the exogenous front, it was established that the major impediment to Uganda’s deeper penetration of the regional market was her non-membership of the COMESA Free Trade Area. By remaining outside of the COMESA Free Trade Area, Uganda’s exports to main export market were being subjected to taxes on importation into those countries. This made Uganda’s products less price competitive, …

Later this week, Uganda will assume the chair of the Common Market for Eastern and Southern Africa (COMESA), a development that trade experts believe will bring huge benefits to the country. Despite being a COMESA member, Uganda will for the first time also enter the free trade area (FTA) regime of the regional trade bloc. Joining the FTA means the tariff charges on the majority of imports and exports between Uganda and other COMESA states will drop to 2% from 10% compared to what is levied on goods from states like China except for sensitive goods. President Yoweri Museveni is …

Uganda will ratify the Common Market for Eastern and Southern Africa (Comesa) free trade area, according to Mr Mr Gerald Sendaula, the chairman of Private Sector Foundation Uganda. Mr Sendaula told Daily Monitor in an interview that the Trade minister had promised to sign the treaty before the end of the summit. He said initially signing the Free Trade Area protocol was not an urgent matter, however, Uganda has grown the capacity to favourably compete with other member states. The move is likely to favour Ugandan manufacturers who have grown their export capacity. It is likely to create a wider …