Russia pledges to support Africa's largest trading bloc

Source:Xinhua Published: 2014-4-18 18:36:21

The Russian government has pledged to support efforts by Africa's largest trading bloc, the Common Market for Eastern and Southern Africa (COMESA), to promote peace, security and stability among member states in order to enhance economic development in the region, the Zambia Daily Mail reported on Friday.

Russian Ambassador to Zambia Konstantin Kozhanov said it was important that there was peace and stability in the region in order to enhance economic development.

"Russia follows with attention and interests the strengthening of integration processes in the framework of such a major reputable community as COMESA. Moreover, recent crisis developments in the global economic and financial systems push the countries even further to cooperation so that collectively they can respond more effectively to economic challenges and obtain real competitive advantage," he was quoted as saying by the paper.

In remarks delivered when he presented his credentials at the COMESA Secretariat in Lusaka, the Zambian capital, the Russian envoy further said that the Russian embassy in Zambia will host a business forum with participation of Russian companies dealing in foreign investment as a way to boost trade links with the regional body.

Earlier, COMESA Secretary-General Sindiso Ngwenya said poverty was one of the major causes of conflicts in most countries, adding that the regional bloc has a Group of Elders tasked to handle issues to do with peace and security.

"We will also deal with the issue of natural resource and we hope to work with Russia in terms of minerals. These minerals are not benefitting people at the grassroots," he said.

With 19 members and a population of 465 as well as a combined Gross Domestic Product (GDP) of 485 billion dollars, COMESA is Africa's largest trading bloc.

Posted in: Africa

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