Finance

East African Community Records $10.9 Billion in Intra-regional Trade in 2022

East African Community Records $10.9 Billion in Intra-regional Trade in 2022
Monday, 21 August 2023 19:46

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.

On the same topic
CAR Treasury returns to market, seeks up to $88.4M via new bond lines Three- to five-year bonds to fund $12.8B national development...
Côte d'Ivoire keeps BB/B rating, but Senegal debt exposure flagged Ivorian banks now key conduit for risky Senegalese bond financing S&P...
Togo adopts a 2026 draft budget of CFA2740.5 billion (around $4.8 billion). Spending rises 14.4%, with nearly half allocated to social...
Togo raises $53M via bonds and bills, surpassing 30B XOF target Auction saw 160.86% bid coverage; OATs issued at 6.25% for three years Total...
Most Read
01

DRC met Alibaba, Isoftstone to discuss adapting China’s e-commerce model Joint working group ...

DRC in Talks with Alibaba, Isoftstone to Develop a Chinese-Style E-Commerce Model
02

The new unified platform replaces the NIBSS Instant Payments system. It connects banks, finte...

Nigeria Launches National Payment Stack, Targets Faster Digital Transactions
03

Germany to provide €49 million ($56.7 million) to support ECOWAS projects. Funds target peac...

ECOWAS secures $56.7mln German support for security and governance
04

Nigeria implemented the National Payment Stack (NPS), a new unified infrastructure, to enhance dig...

Beyond Banks: Nigeria’s National Payment Stack Embraces Fintechs
05

Social media users accuse the UAE of backing Sudan’s RSF militia. Activists and celebrities c...

UAE faces backlash over alleged role in Sudan’s gold and arms trade
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.