Business expansion into overseas markets necessitates strategic planning and execution of initiatives that increase an organization’s chances of success. Over the years, international institutions have realized the benefits that lie in taking advantage of regional trading blocs to enhance the security of their endeavors. The Common Market for Eastern and Southern Africa (COMESA) is a highly favorable regional trading bloc in Africa due to its notable contributions to the region and the positive relationships between its members and other trading blocs. Therefore, expanding into Africa by signing trade agreements with the COMESA trading block promises great returns due to its members’ focus on economic progress through states’ integration and social responsibility.
Overview of COMESA
COMESA is one of the largest economic markets in Africa dedicated to developing human and natural resources for the benefit of individuals in the region. COMESA was established in December 1994 to replace the Preferential Trade Area (PTA) block that had existed since the early 1980s. The organization currently serves more than 586 million individuals residing in these areas (Seetanah et al., 2018). However, it is focused on increasing the number of its members and establishing a unit that can overcome economic barriers in all African states. Even so, COMESA is responsible for several other objectives and initiatives including promoting peace and security (Adika, 2022). Its strategy of ensuring economic prosperity through states’ integration has allowed it to advance through several milestones since its inception.
The COMESA trade bloc enables businesses to thrive by unifying nations, financing infrastructural developments and assuring rational use of natural resources. The block has successfully integrated the economic activities and development initiatives of 21 countries in Eastern and Southern Africa. However, its influence is also notable in the Northern parts of Africa as Libya, Madagascar, and Egypt are its members (Seetanah et al., 2018). Currently, the trade bloc has a GDP of $805 billion and a stable global import and export market trading goods worth $324 billion (Adika, 2022). Nevertheless, it aspires to advance to greater heights by including more counties in its business and boosting commerce. In addition, its members enjoy a peaceful and positive relationship with other countries, which is critical for business security and continuous development.
COMESA is a trade block that prioritizes professionalism, integrity, and respect in a supportive environment. Additionally, it is devoted to satisfying the needs of the people it serves, further enabling its inclination toward social responsibility (Seetanah et al., 2018). On that account, a solution that I would adapt to and implement Christ-centered ethical values is leveraging COMESA values to champion high standards of business and adherence to high levels of corporate morality. Moreover, I would collaborate with other international organizations or regional players with similar interests to oversee goals and objectives. Working with institutions whose initiatives are guided by Christ-centred ethics will ensure the organizations security and reliable support.
COMESA is an established trade block in Africa that promotes national cohesion and the integration of economic endeavors in 21 countries. The organization advocates for collaboration to advance and ensure economic prosperity between its members. Moreover, it plays a role in upholding peace and limiting conflicts between African states. COMESA is a successful trade bloc because of its focus on individuals’ benefits, increased business productivity, and the well-being of the people they serve. Similarly, their wide coverage is attributed to their values, upholding integrity and social responsibility in business initiatives. Therefore, the bloc is a reliable recommendation for businesses seeking to expand their global reach to the African Continent.
References
Adika, G. (2022). Sustaining economic growth in COMESA: challenges and prospects. International Journal of Finance & Economics, 27(1), 301-311. Web.
Seetanah, B., Sannassee, R. V., Fauzel, S., & Okwi, P. O. (2018). COMESA: a case study. In Looney, R., E. Handbook of International Trade Agreements, 372-383, (1st ed.). Web.