Business updates

A Memorandum of Understanding has been signed between the President of the COMESA Business Council, Mr Marday Venkatasamy, and the Secretary-General of the International Chamber of Commerce, Mr. John W.H. Denton AO, on 9 November 2020 through a virtual signing ceremony which took place on the side-lines of a high-level panel dialogue themed “Strengthening partnerships for business in international markets and COMESA,” between businesses leaders from ICC and CBC.

The MoU marks commitment to enhanced collaboration in the areas including, but not limited to, advancement of economic and social progress in Africa; advancement of Sustainable Development Goals; and, increasing the participation of the African business voice in multilateral negotiations related to trade, investment and sustainability.

"This engagement is very timely, for both the CBC and ICC. The impact of COVID-19 has necessitated a change in trade dynamics, emphasizing the need for greater reliance on business and private sector-led growth. Through this MOU, CBC becomes the partner, through which we can strengthen the participation of African businesses in multilateral negotiations related to trade, investment and sustainable development," said Mr. Marday Venkatasamy, Chairman of the COMESA Business Council, during the CBC-ICC MOU signing ceremony which took place during the ICC/ World Chambers Federation Action Network Meeting.

The event was graced by over 70 business leaders representing business Associations from Africa and the rest of the world, including CBC Board Directors and ICC members. In his remarks, the ICC Secretary General , Mr. John W. H. Denton AO said, "There are enormous similarities between the objectives of ICC and those of CBC. The fact that we are now able to come together to work for the advancement of the interests of business in Africa is a fantastic opportunity. We will not let you down. We look forward to working closely with CBC and are greatly honoured by the trust they have shown in ICC by seeking to join forces for the common endeavour to improve the lives and livelihoods of all those who live in Africa."

Topics of discussion of the high-level panel dialogue included: regional and global trade facilitation; enhancing African participation in regional and international policy making processes; enterprise capacity building; market access and digital trade facilitation.

Read the Press Communique