COMESA’s Foreign Trade: Key Trends and Trade with Russia

Galina Mikhailovna Kostyunina
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Galina Mikhailovna Kostyunina: MGIMO-University, Moscow, Russia

Russian Foreign Economic Journal, 2024, issue 11, 61-78

Abstract: The Common Market for Eastern and Southern Africa (COMESA) has evolved from a preferential trade area, a free trade area to a customs union and the ongoing establishment of a common market. Foreign trade of the participating countries is typical of developing countries and is characterized by imbalance, predominance of raw materials in exports and industrial products in imports, high concentration in a few countries, geographical orientation of trade relations towards developed countries, and a low share of mutual exports. Similar trends are characteristic of trade between COMESA and Russia. The prospects for COMESA-Russian trade largely depend on tackling the problem of trade imbalance. For this purpose, the partners should actively promote the industrialization of African economies, projects with Russian investment in industry and infrastructure, transport and logistics, as well as change the existing pattern of trade relations.

Keywords: Common market for Eastern and Southern Africa; COMESA; Russia; foreign trade; preferential trade zone; free trade zone; customs union; common market. (search for similar items in EconPapers)
JEL-codes: Q27 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:alq:rufejo:rfej_2024_11_61-78

DOI: 10.24412/2072-8042-2024-11-61-78

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