Kenya is aiming to steer an enhanced cross border trade when it takes of COMESA chairmanship next month.
Trade Principal Secretary Regina Ombam says the move is backed by prevailing shift in the global trade ecosystem which will require the 21-member trade bloc to boost trade with itself.
“When you trade as an economic bloc it gives you more strength and comparative advantage in the trading market,” said Ombam during an exclusive interview with KBC Channel 1.
According to Ombam, Kenya and Africa have unexploited potential in trade of goods and services which could to counter policies such as reciprocal tariffs announced by the United States in February this year.
“We are in unpredictable times and global trade ecosystem has changed tremendously. The policy America is using now gets one to realize that there’s a push towards bilateral trade and so if we don’t diversify our trade, we can become worse,” she stated.
Official data indicates that COMESA with its 640 million population, currently has a combined Gross Domestic Product of $1 trillion.
In a bid to catalyse intra-trade, COMESA is also seeking to address issues such as insecurity, non-tariff barriers and unstable policies which are dragging integration, trade and investments.
“This is a summit that comes at a time when everybody in the African continent should actually be rethinking trade given what is being signalled in the global trade ecosystem. We have an opportunity now to come together as an economic bloc to rethink how integration is happening and how to harmonize trade systems, to allow trade mechanisms that is free, consistent, efficient and sustainable,” Ombam added.
Kenya will host the 24th COMESA Heads of State Summit next month which is will bring together delegates including government officials, private sector, SMEs, investors and SMEs.
