This growth in intra-regional trade can be primarily attributed to the continued elimination of non-tariff barriers, the harmonization of product standards, and the admission of the Democratic Republic of Congo (DRC) into the regional bloc.
Trade among the member states of the East African Community (EAC) reached a record $10.9 billion in 2022, up 12.1% from the previous year. Peter Mathuki, Secretary-General of the EAC, revealed the increase on August 16, 2023.
Speaking at a press conference, Mathuki mainly attributed the growth in intra-regional trade to the continued elimination of non-tariff barriers, the harmonization of product standards, and the admission of the Democratic Republic of Congo (DRC) into the regional bloc in March 2022.
He also explained that trade between the EAC’s member states of the bloc could contribute up to 40% of the region's total trade, compared to only 15% in 2022.
The East African Community is headquartered in Arusha, Tanzania. It has seven members: Burundi, Kenya, Rwanda, Tanzania, South Sudan, Uganda, and the DRC. Spanning an area of about 4.8 million square kilometers, the regional bloc pools a market of 300 million consumers and has significant natural resources.
The EAC is one of the most integrated regional economic communities in Africa. It functions as a customs union, with most goods and services being exchanged duty-free between member states, and having a common external tariff with third countries. People, goods, services, and capital can move freely within the shared market.
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...
Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...
Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...
Gabon's 7% 2031 Eurobond posted its biggest single-day drop in a year on Wednesday after a new I...
Ghana, JICA discuss road, bridge projects at IMF-World Bank meetings Kumasi Ring Road grant secured; talks focused on implementation...
Collaboration explores AI-RAN to improve network efficiency Nvidia provides computing power for real-time optimization Initiative aims to reduce...
$100 million facility targets fuel, medicines, and fertilizers Support comes amid rising global price pressures Deal reflects Burundi’s...
Ten-month program aims to strengthen macroeconomic management No financing attached, but key step toward re-engagement Progress hinges on...
Lomé is hosting the 9th edition of the International Film Festival of Togo (FIFTO) featuring 33 films. The event promotes African storytelling in...
Fally Ipupa plans a two-part album project combining urban sounds and traditional rumba. The first album “XX” releases on April 17, while “XX Delirium”...