African leaders have been called to strengthen regional value chains as part of a concerted effort to drive economic integration and reshape the continent's economic prospects.
The call was made by Mr Claver Gatete, Executive Secretary of the UN Economic Commission for Africa during the recent COMESA summit held in Bujumbura, Burundi. Gatete emphasized the necessity for African nations to broaden their regional value chains as a step towards forging a more unified economy. “This requires not only removing all the barriers to intra-African trade but also creating incentives for greater cross-border investment,” he said.
Gatete also took the opportunity to commend COMESA for the implementation of the Tripartite Free Trade Area, which became operational in July 2024. He highlighted the significance of this agreement, which unites three major regional blocs—COMESA, EAC, and SADC—that collectively account for over 60% of the continent's GDP. With a combined population exceeding 650 million, a collective GDP surpassing US$1 trillion, and merchandise trade valued at more than US$400 billion, COMESA is a major pillar of Africa’s regional integration agenda.
Furthermore, Gatete said that the demand for critical minerals will rise enormously over the coming decades, and urged the continent leaders to be ready to take advantage of this, given its abundance of those critical minerals in Africa.
The outgoing chair and Zambian President Hakainde Hichilema reported a substantial increase in the trading bloc's exports, which soared from $100 billion in 2020 to $219 billion in 2024. This remarkable growth underscores the region's expanding economic footprint on the global stage.
President Hichilema emphasized the important role of technology in augmenting agricultural productivity, suggesting that technological adoption is essential for enhancing food security in the region.
The incoming chairman, President Evariste Ndayishimiye of Burundi, highlighted the potential of the tourism industry and mineral resource management to further bolster the economies within COMESA.
Established in December 1994, COMESA represents the largest economic entity in Africa in terms of trade and investment. Its goal is to establish a significant economic and trade unit and to achieve economic prosperity through regional integration.
The summit, which took place on 31 October 2024, brought together heads of state, leaders, and decision-makers to deliberate on the theme of "Accelerating Regional Integration through the Development of Regional Value Chains in Climate-Resilient Agriculture, Mining, and Tourism."
Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
