Latest news with #CommonMarketforEasternandSouthernAfrica
See - Sada Elbalad
21-05-2025
- Business
- See - Sada Elbalad
Egyptian, Zambian FMs Discuss Ways to Strengthen Bilateral Cooperation
Nada Mustafa Foreign Minister (FM) Badr Abdelatty, met on Wednesday, his Zambian counterpart Mulambo Haimbe on the sidelines of EU-Africa Ministerial Meeting held in Brussels. During the meeting, Abdelatty expressed Egypt's eagerness to build on the growing momentum in bilateral relations, as evidenced by recent high-level exchanges, most notably the visit of Zambian President Hakainde Hichilema to Egypt in February 2025. He emphasized the importance of developing an executive vision to implement the outcomes of that visit, particularly in priority sectors such as infrastructure, energy, renewable energy, agriculture, and health. FM also stressed the need to increase trade volumes by facilitating greater access of Egyptian products to the Zambian market, highlighting the mutual benefit of both countries' membership in the Common Market for Eastern and Southern Africa (COMESA). The Egyptian Foreign Minister welcomed ongoing cooperation between the Arab Contractors Company and Zambia's Ministry of Infrastructure to execute several development projects. He also praised the existing bilateral cooperation in the health sector. Furthermore, Abdelatty underlined the importance of continued coordination between Egypt and Zambia within regional and international organizations, particularly the African Union, to serve the interests of the African continent and its people. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
See - Sada Elbalad
21-05-2025
- Business
- See - Sada Elbalad
Egypt and Zambia Discuss Strategic Cooperation in Brussels
H-Tayea On the sidelines of the African-European Ministerial Meeting in Brussels, Egyptian Foreign Minister Badr Abdelatty met with his Zambian counterpart Mulambo Haimbe to discuss advancing bilateral cooperation and building on the momentum of recent high-level engagements. Minister Abdelatty emphasized Egypt's commitment to strengthening ties with Zambia, particularly following the successful state visit of Zambian President Hakainde Hichilema to Egypt in February 2025. He called for the development of a clear roadmap to implement the outcomes of that visit, especially in strategic sectors such as infrastructure, energy, renewable energy, agriculture, and healthcare. The Egyptian Foreign Minister underlined the need to enhance trade exchange between the two countries and encouraged efforts to increase the presence of Egyptian products in Zambian markets, leveraging both countries' membership in the Common Market for Eastern and Southern Africa (COMESA). Minister Abdelatty also welcomed ongoing coordination between Egypt's Arab Contractors Company and Zambia's Ministry of Infrastructure on joint development projects, and praised the current level of health sector collaboration between the two nations. The two ministers agreed on the importance of continued coordination in regional and international organizations, particularly the African Union, to promote shared African interests and ensure unified positions on key continental issues. The meeting reaffirmed the strong political will on both sides to further deepen cooperation and translate strategic dialogue into tangible results benefiting both peoples. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Business Insider
19-05-2025
- Business
- Business Insider
‘Cartels' in Kenya are largely to blame for expensive food prices in the country
A strange culprit has been identified as one of the root causes of soaring food inflation in the East African country of Kenya. Kenya is experiencing a rise in food inflation, heavily impacting the cost of living in urban centers like Nairobi. Key drivers of increased food prices include market concentration, uncompetitive practices, and the influence of trader cartels. Edible oil costs significantly exceed production expenses, attributed to inefficient supply chains and high markup pricing. Alongside, Tanzania's commercial capital Dar es Salaam, Nairobi is currently experiencing a food inflation that is driving up the cost of living for the average residents in these regions. A report by the Common Market for Eastern and Southern Africa (COMESA) Competition Commission (CCC), showed that both cities currently boast some of the highest maize costs in the broader East African region. For Kenya, a couple food inflation drivers were identified, including what the report described as 'cartels', as well as market concentration. As seen in the Star, the report reveal that due to unreasonably high profit margins imposed by dominant traders and uncompetitive market practices, Kenyan consumers are faced with the growing costs of basic food inputs like cooking oil and fertilizer. 'African agri-food markets are not working. These pricing distortions are undermining farmers and punishing consumers,' the report reads partly. Kenyans spend nearly twice as much for production and inputs before VAT in the edible oils market, according to COMESA, with the disparities being most noticeable in urban regions. As per the findings in the report, there is little competition, little market data, and a large concentration of influence among a small number of powerful companies in Kenya's market for agricultural inputs and outputs. This points to that inadequacies in the systems for distribution, storage, and transportation are contributing causes. It also points out that government subsidy programs aren't doing enough to protect Kenyan consumers from rising food costs. The report shows that fair value estimations are greatly out of line with retail pricing for important commodities. Subsidy measures are essentially futile in Nairobi since food goods are marked up by up to 53% over what the Authority considers fair price. Recent food inflation in Kenya Last month, reports indicated that Kenya's inflation continued to climb, as its annual rate reached 4.1%, the highest level in eight months. The surge was fueled by a scarcity of critical food staples such as maize, potatoes, and green vegetables, crops which were highlighted in the COMESA report. In the face of comparatively modest input and processing expenses, Kenyans have to pay up to $3 per liter for cooking oil, which is more than twice the price estimated by underlying cost structures, the COMESA report revealed, stating, 'Vegetable oil is largely imported as crude oil and refined locally.' Kenya's bureau of statistics (KNBS), in presenting the inflation report noted that Kenya's reliance on rain-fed agriculture implies that irregular weather patterns, along with supply chain interruptions, can quickly result in food shortages and price increases. Another report by the KNBS, revealed that agriculture accounts for a significant portion of Kenya's exports.
Business Insider
19-05-2025
- Business
- Business Insider
US tariff: Africa's largest trade alliance mulls joint response as 8 member states face pressure
The Common Market for Eastern and Southern Africa (COMESA), Africa's largest trade alliance, is considering a coordinated response to rising trade tensions with the United States. COMESA, Africa's largest trade alliance, is addressing U.S. tariffs impacting its members. The strategy includes enhancing intra-regional trade and pursuing new international agreements. Eight affected countries face economic challenges due to U.S. tariffs introduced as part of trade measures. COMESA, representing 19 member states and a population of about 390 million, is preparing to push back against U.S. tariff measures that have impacted several African countries both within and outside the bloc. The reciprocal tariffs imposed by U.S. President Donald Trump have placed eight COMESA member states under mounting economic pressure, prompting calls for a unified response. In a policy statement released this week, COMESA outlined a ' variable cooperative game strategy' aimed at countering the impact of the tariffs. The proposed approach includes pursuing alternative trade agreements, enhancing intra-regional trade, and accelerating investments in regional infrastructure to reduce external dependencies. The eight affected member states which include Democratic Republic of Congo (11%), Libya (31%), Madagascar (47%), Malawi (17%), Mauritius (40%), Tunisia (28%), Zambia (17%), and Zimbabwe (18%) now face mounting challenges as a result of the U.S. tariffs. U.S. president Donald Trump said these tariffs which took effect on April 2 were part of efforts to address trade imbalances and boost domestic manufacturing in the United States. COMESA's position COMESA is exploring new trade alliances through formal negotiations and binding agreements with partners such as the European Union, China, Japan, India, the Middle East, and other aligned economies. The goal is to unlock new markets and offset the impact of recently imposed U.S. tariffs that have strained several member states. This proactive stance places COMESA ahead of other African blocs, including the Southern African Development Community (SADC) and the East African Community (EAC), which are expected to hold meetings later this month to chart their own responses to the U.S. trade actions. Although the United States is not among COMESA's top trading partners, the bloc warns that the new tariffs could still trigger widespread disruptions. The U.S. tariffs have drawn criticism from COMESA and SADC, which argue that they undermine the benefits African countries enjoyed under the African Growth and Opportunity Act (AGOA). For nearly 25 years, AGOA has granted eligible African nations duty-free access to the U.S. market for thousands of products, playing a critical role in shaping U.S.-Africa trade and recognizing the continent's developmental needs.
Finextra
05-05-2025
- Business
- Finextra
Open Source Powers Payments Across COMESA to Drive Financial Inclusion: By Paula Hunter
The Common Market for Eastern and Southern Africa (COMESA) is taking a significant step toward regional financial integration and economic empowerment by deploying an open source, inclusive instant payment system (IIPS) as the backbone of its new regional payments system. Led by the COMESA Clearing House (CCH), this initiative marks a bold move to foster financial inclusion and unlock growth for micro, small, and medium enterprises (MSMEs) across the 21-member trading block. Addressing the MSME Payment Gap MSMEs are the economic lifeblood of the COMESA region. Yet, many face a critical barrier to growth: a lack of access to efficient, affordable cross-border payment systems. This new open source IIPS-powered system is designed specifically to close that gap — enabling digital financial service providers (DFSPs) to connect seamlessly across borders and opening up new opportunities for trade and innovation. By offering DFSPs a gateway to connect where no domestic instant payment system exists — or integrating through inclusive domestic systems — COMESA is building a network that meets participants where they are. This flexible approach ensures that even countries with limited digital financial infrastructure can participate and benefit from the regional ecosystem. Laying the Groundwork for Regional Interoperability Several COMESA member states are already exploring an open source IIPS as a way to modernize their payment infrastructure and migrate key use cases from legacy systems. The IIPS' open-source foundation provides the transparency, flexibility, and scalability needed to support a wide range of use cases — from peer-to-peer transfers to merchant payments and beyond. Importantly, the architecture allows for domestic schemes to connect to regional and even global networks. For example, countries like Rwanda plan to leverage the open source foundation of RSwitch's IIPS (eKash) interoperability capabilities to connect domestic systems to global schemes —broadening access and creating a more inclusive digital economy. A Model for Regional Integration The COMESA initiative offers a powerful model for other regions seeking to deepen economic integration while advancing financial inclusion. By enabling real-time, cross-border payments tailored to the needs of MSMEs, COMESA is not just building financial infrastructure — it's laying the foundation for inclusive growth across Africa.
