Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 27 2012 11:49
The country's 200 000-odd Tupperware agents are angry about the counterfeit products being sold as the real McCoy.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Cape Town - President Kgalema Motlanthe on Wednesday appealed for developing countries to be included in the governance of international financial institutions.
Speaking in Kampala, Uganda, at a meeting of Africa's three regional economic communities, he referred to the great uncertainty in the global economy following the food and energy price crises and, more recently, upheavals in the financial markets.
While African and other developing countries had marginal influence over the decisions that had brought the international financial system to the brink of collapse, unjustifiably, the poor and vulnerable of these countries would bear the brunt of the economic downturn.
"It is imperative that effective remedial measures are developed to mitigate the negative impact of the crises, and developing countries must now be included in the governance of international financial institutions," Motlanthe said.
At the same time, it was necessary to work towards a more equitable global trade regime that put the concerns of developing countries at its centre.
He also urged that the Common Market for Eastern and Southern Africa (Comesa), the Eastern African Community (EAC), and Southern African Development Community (SADC), increase co-operation.
"The process we embark upon today marks a historic step towards fulfilling our obligations under the African Union and the Abuja Treaty framework of continental integration, which recognises that Regional Economic Communities are the building-blocks for the African Economic Community."
The time had come for Comesa, EAC and SADC to bring together their respective regional integration programmes to further enlarge their markets, unlock productive potential, increase the levels of intra-Africa trade, and enhance developmental prospects.
"As a next step in expanding regional markets in Africa, the process we launch today will place us in a stronger position to respond effectively to intensifying global economic competition and will begin to overcome the challenges posed by multiple memberships of regional organisations.
"Let us therefore take the necessary decisions to work systematically and with determination to establish a single free trade area that will weld together our three regions into one," Motlanthe said.
- Sapa