Intra-trade between partner states of the East African Community is projected to grow between five to eight per cent annually if the countries fully implement joint policies and regulations, exploit individual competitive edge, and eliminate non-trade barriers.
While speaking at the bloc’s 20th anniversary, the chairman of the East African Business Council, Nicholas Nesbitt, said East Africans, especially private sector players, need to reflect on how far they have lived up to the ethos of regional integration.
Nesbitt said; “the private sector should be a key partner in the integration process, providing the agenda for economic and social integration. Most importantly, the region should look to becoming a single trading bloc.”
He added that both the partner states and private sector should accelerate the domestication and implementation of harmonised policies.
The EABC chairman further commended the progress made so far in the cross-border trades and easy migration, stating that it is now easier to access cross border markets.
However, he said intra-EAC trade volumes have not reached the desired levels, at just 12 per cent.
Nesbitt said the EAC is yet to exploit the power of numbers to create more jobs and income opportunities that will improve the purchasing power of citizens, thereby spurring further economic growth.
He recommended value chain collaboration between manufacturers to exploit each country’s competitive advantage.
Work permit restrictions have been relaxed and professionals and companies are able to expand and establish their customer base across the regional bloc.
Copyright: News Central TV
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.