Summary of "Africa Today 8 10 2025 Dr Ahmed Mostafa"
The episode of Africa Today focuses on the 24th summit of the Common Market for Eastern and Southern Africa (COMESA), which aims to boost intra-African trade and economic growth. COMESA, comprising 21 member states with a combined population of 500 million and a GDP of around $1 trillion, continues to emphasize trade integration by removing barriers, harmonizing regulations, and promoting industrialization, digital trade, and value chain development. The summit also reaffirms support for the African Continental Free Trade Area (AfCFTA) as a key driver for sustainable growth across Africa.
Dr. Ahmed Mustafa, an expert in international economic relations, highlights the significance of COMESA as a foundational trade bloc that facilitates customs-free access among member states, benefiting countries like Egypt. He notes the impressive growth in trade within COMESA from $10 billion in 2020 to $14 billion in 2024 but stresses there is still untapped potential. Dr. Mustafa underscores the importance of reducing reliance on the US dollar through local currency swaps or a common currency to enhance regional trade and financial integration, drawing attention to the role of digital banking and finance innovations, particularly those developed in China.
Challenges to regional integration include lingering colonial-era economic ties, tariff and visa barriers, regulatory and monetary policy differences, and the dominance of foreign currencies. Efforts are underway to address these obstacles, including initiatives discussed at the summit in Kenya.
Egypt plays a pivotal role within COMESA due to its strategic location, industrial capacity, scientific research, and infrastructure. Dr. Mustafa points out that Egypt’s trade with southern African markets offers vast opportunities, potentially exceeding those with the EU if properly leveraged. Egypt’s initiatives focus on industrialization, digital transformation, food security, renewable energy, and transport corridors, positioning the country as a regional hub linking Africa with the Arab world and Europe. Egypt also advocates for partnerships with global powers like China and Russia to strengthen infrastructure, banking systems, and trade governance.
The summit also highlights infrastructure projects in transport, energy, and digital networks aimed at improving connectivity, reducing logistics costs, and accelerating industrial development. COMESA seeks to mobilize investments and close infrastructure gaps through collaboration with international financial institutions to create a more connected and competitive Africa.
Presenters and Contributors:
- Amal Mkhtar (Presenter)
- Dr. Ahmed Mustafa (International Economic Relations Expert, guest)
Category
News and Commentary
