This thesis is submitted in fulfilment of the requirements for the degree of Master of Management in Finance and Investment. Faculty of Commerce, Law and Management 2017 / The vicious quest for higher risk-adjusted returns through diversification of portfolios has seen an enormous amount of foreign capital flows into new emerging markets. However, the success of any strategy profoundly depends on the degrees of comovements among markets - higher comovements limit the possible gains from diversification. It has been argued that the very act of chasing after these diversification benefits, which mainly includes financial globalisation, has actually resulted in the erosion of the benefits themselves. In addition, aspects such as international trade, the establishment of trade blocs and liberalisation of market controls has further reduced these diversification benefits. In this study, the long-run cointegration, short-run causality and volatility linkages were examined using six COMESA markets indices. The goal of the study was to ascertain whether the establishment of this bloc has resulted in increased association among the member markets. The astonishing rate at which globalisation has been growing at has drawn with it both opportunities and risks for investors. The Engle-Granger, the Johansen cointegration technique and the ARDL test methods revealed that the markets integrated in the long run, a result indicative of low diversification benefits across COMESA markets. However, the weak short-run causality from the causality tests revealed that despite the strong long-run relationship, an active investment strategy that seeks to diversify portfolios in the short-run could still yield enormous diversification benefits. A subsequent examination of the volatility linkages using generalised autoregressive conditional heteroscedasticity models revealed that uniformity of volatility structures in terms volatility persistence, leverage effects and risk premium across the markets, indicative of the high likelihood of volatility spill-overs across the markets. This implies that, despite the weak short-run causality, the benefits from short-run diversification can still be quite low due to the high likelihood of volatility spillovers across these markets. In light of these results, investors within the COMESA markets should rather focus on other markets outside the COMESA as diversification destinations. / MT2017

Magister Commercii - MCom / The aim of this study was to determine which strategy would be most appropriate to enhance regional trade integration in COMESA so that it can provide to its member states the benefits they expect to have from it. / South Africa

Thesis (doctoral)--Hochschule für Wirtschaft und Politik, 1998. / Includes bibliographical references (p. 237-246).

The aim of this study was to determine which strategy would be most appropriate to enhance regional trade integration in COMESA so that it can provide to its member states the benefits they expect to have from it.

The aim of this study was to determine which strategy would be most appropriate to enhance regional trade integration in COMESA so that it can provide to its member states the benefits they expect to have from it.

This thesis examines the regulation of regionalism by the WTO and the formation and operation of regional trade agreements by developing countries. In particular, this work focuses on regional integration in Eastern and Southern Africa. The aim of the thesis is to assess the effectiveness of the relevant legal regimes and determine ways in which they can be made more effective, both in terms of their impact on state conduct and in terms of their impact on the economic welfare of the states concerned. The thesis argues that, with regard to the WTO legal regime, the exemption from the application of Article XXIV, GATT 1994 given to developing countries by the Enabling Clause has contributed to the lack of effectiveness of the WTO regime. For developing countries, on the other hand, the Enabling Clause has deprived them of the legal discipline required to establish effective free trade areas and customs unions. This latter argument is examined through a case study of the Common Market for Eastern and Southern Africa (COMESA). The thesis contends that for COMESA countries to engage in meaningful trade liberalisation, and to participate fully in the WTO, acceptance of greater legal discipline is critical. Such legal discipline can be obtained through compliance with Article XXIV.

Thesis (Ph.D. (International Relations))--University of the Witwatersrand, Faculty of Humanities, 2016 / This thesis examines the efforts of the Common Market for Eastern and Southern Africa (COMESA) and the Southern African Development Community (SADC) to promote regional integration between 1980 and 2015 in the areas of trade and security. The conceptual framework provides a focused review of general and specific literature on two key concepts of regional integration: divergence, and convergence. Throughout the thesis, the core focus is on the divergence and convergence of COMESA and SADC. The thesis articulates two analytical frameworks: the neoclassical economics approach, and the neoclassical realist approach. A historical account focuses on the history of the Preferential Trade Agreement (PTA) of 1981 that evolved into COMESA by 1993. A history of Southern Africa’s Frontline States (FLS), which evolved into the Southern African Development Coordination Conference (SADCC) in 1980, and later into SADC in 1992, is then provided. The thesis discusses apartheid South Africa’s involvement in the Eastern and Southern African regions. The thesis provides a discussion on the debate on the rationalisation processes of these two organisations: COMESA and SADC, between 1991 and 1997. The thesis next expands on the regionalisation processes of COMESA and SADC between 2008 and 2015. The main actors and factors assessed involve South Africa’s market-led regional approach, its regional developmental role and its economic impact on both regions since it joined SADC in 1994. The thesis expands on the two main regional integration approaches adopted by the COMESA–EAC (East African Community)–SADC Tripartite bloc (created in 2008) of variable geometry and trade liberalisation, as it moved towards its Tripartite Free Trade Area that was signed in June 2015. The thesis also provides definitions and assumptions of two new theories deployed to strengthen the research: i) neoclassical economic regional integration, and ii) neorealist security convergence, which are applied in the thesis. The thesis thus expands on how COMESA and SADC (as both institution and member states) manage multiple memberships. A central argument of the thesis is that multiple memberships have become a stumbling block for convergence. In furtherance of this argument, the thesis explains the benefits of regional integration schemes. Therefore assessed, is how developing countries are likely to be better served by “North–South” than by “South–South” free trade agreements. The analysis is expanded by a discussion of economic convergence in the neoclassical economic approach of open trade in regional trade agreements within the Southern African Customs Union (SACU) – whose five members all belong to SADC - with the presence of a regional hegemonic state: South Africa. To further expand the concept of regionalism to encompass security cooperation, the thesis finally assesses COMESA and SADC’s managing of regional security since the 2008 Tripartite Agreement, by employing the concept of regional security complexes. / MT2017

Humboldt-Univ., Diss.--Berlin, 2004. / Zsfassung in dt. Sprache.

Magister Legum - LLM / Trade has been widely accepted as an important tool in spearheading economic growth and development. In many different parts of the world, countries have alleviated poverty and economically prospered through effective trade. Despite the efforts to dismantle trade restrictions and create a common market, the problem remains that of African disintegrated markets which then lead to poor intra-African trade. There is therefore the need to use intra-African trade as an instrument that effectively serve in the attainment of rapid and sustainable social and economic development. The aim of this study is to therefore determine whether the solution to increasing intra-African trade can be found in the Tripartite FTA.

<p>The tri-partite initiative in and for Africa has been accompanied by high levels of optimism since its political endorsement in 2008. It provides for an opportunity to resolve a host of problems with regards to regional integration in Eastern and Southern Africa. The overall aim of this study is to explore the prospects and challenges towards realising the Tri-partite Free Trade Area&nbsp / (T-FTA) in and for Africa. This study is pragmatic and implicitly seeks to uncover how the T-FTA could contribute to the African Regional Integration Project (ARIP), given the challenges that&nbsp / regional integration face in Africa. Regional integration has a long and rich history in Africa, which started at thehave been weak since the start and persist in its superficial nature with littledevelopmental impact. The reasons for the lack of meaningful integration in Africa are wide-ranging and span national, regional and system level analytical viewpoints. They encompass&nbsp / areas such as developmental levels, political will, respect for regional architecture, overlapping membership and the Economic Partnership Agreements (EPAs). These factors impact on the&nbsp / integration process in Africa and explain in varied ways why there has been little comprehensive economic integration. The starting point was to define the complex concept of regional integration. The dominant factors that define and affect regional integration in this study are that it is a state-based exercise, driven by economic integration, and influenced by the global political economy of the day. It was determined that Africa has adapted its regional integration strategies according to the shifts and influences in the global political economy on states,&nbsp / emanating from the post WWII period to the present day. The mpact of the global economy on Africa since independence was great and is viewed impact on the integration process. Regional integration is essentially a state to state&nbsp / pursuit for integration. Essentially, regional integration is being pursued by states that are still struggling to consolidate statehood, and this leaves little space to move towards a regional approach. However, given the dynamics of a globalised world, regional integration as a strategy is no longer questioned in Africa and is an important component of its developmental agenda. Clarifying the T-FTA was important, and this was done in order to highlight what the tri-partite initiative is and is not. This provided for an opportunity to&nbsp / investigate what the dominant areas are that have informed the emergence of the tri-partite process. The former was found to be largely economic in nature, focusing on harmonising the trade&nbsp / regimes of COMESA, EAC and SADC as a primary motivation. The tri-partite initiative will facilitate and encourage the harmonisation of trade regimes by stressing market integration,&nbsp / infrastructure development and industrialisation, coupled by a developmental approach. This is promising, as the tri-partite initiative seeks to simultaneously deal with many issues that have&nbsp / been commonly associated with the problems that regional integration face in Africa. When viewing the negotiating context, as well as the principles upon which it is to be based, indicate though, that Africa still favours individual state interest that will be hard to reconcile given that the tri-partite region currently has 26 participant states. In terms of economic integration, the T-FTA&nbsp / seeks to put new generation trade issues on the agenda by including services, movement of persons as well as trade facilitation, all of which have been found to be important in realising a&nbsp / trade in goods agenda that is the focus of regional integration in Africa. Analysing the grassroots realities of the market integration pillar offered some valuable insights towards the purposes&nbsp / of this study. The market integration pillar is inundated with challenges, with Rules of Origin (RoO) being the primary challenge towards consolidating the trade in goods agenda on a tri-partite&nbsp / level. New generation trade issues are going to be equally difficult to realise, given that they have no implementation record in the individual Regional Economic Communities (RECs). Promising though is that trade facilitation has already seen positive results by resolving non tariff barriers in the regions.Infrastructure development is equally challenging, although it provides&nbsp / a significant opportunity to create better connectivity (physical integration) between states. In lot of pan-African goals that directly feed into initiatives of the African Union (AU) pillar has not as yet created any concrete tri-partite plans, so it remains to be seen what can be achieved. Ideally, industrialisation is viewed as the pillar that will solve the supply-side constraints of African&nbsp / economies hence, strengthening the trade in goods agenda in the regions. Even though the T-FTA has practical challenges to implementation, there are at least two underlying factors that&nbsp / indirectly affect the prospects of realising the tripartite initiative. The EPAs are an emergent threat in that they run parallel to tripartite negotiations / and respect for a rules based integration process, are issues that warrant consideration. Fundamentally, in order to achieve a successful T-FTA will require a shift in the way business is done in African integration. African states need&nbsp / to realise that their national interests are best served through cooperation, in meaningful ways. Inevitably this requires good faith as well as ceding some sovereignty towards regional goals. Thus, there is a risk that the T-FTA not realised. The fundamentals of political will, economic polarisation and instability have to be resolved. This will lay an appropriate foundation for the&nbsp / tripartite initiative to be sustainable, with developmental impact. </p>