COMESA Inks Trade Pact with Turkey

Google+ Pinterest LinkedIn Tumblr +

The Common Market for Eastern and Southern Africa (COMESA) has signed a Memorandum of Understanding (MoU) with Turkey to promote industrial and technical cooperation between the regional organization and the Middle Eastern country.

The MoU which will be facilitated through the Foreign Economic Relations Board of Turkey (DEIK) aims to boost business links between entrepreneurs in COMESA and those in Turkey.

It was signed on the sidelines of the First Turkey-Africa Agriculture Ministers’ Meeting and Agribusiness Forum in late April by COMESA Assistant Secretary General Ambassador Kipyego Cheluget and Ömert Cihad Vardan, President, DEIK on behalf of their respective organizations.

Turkey has so far signed 38 bilateral agreements on commercial and economic cooperation with African countries in efforts to boost economic ties with the continent, 17 of them on investment promotion and protection and eight on the prevention of double taxation.

Turkey-Africa trade volumes increased from $5.47 billion in 2003 to $23.4 billion in 2014 while Turkey exports grew from $2.13 billion to $13.7 billion and imports grew to $9.6 billion from $3.34 billlion.

Turkish direct investment in Africa stood at more than $6 billion while Turkish development aid to African countries totalled $772 million in 2012 and $783 million in 2013.

On diplomacy, Turkey has increased its embassies in Africa from 12 to 39 since 2009.

Share.

About Author

Leave A Reply