EAC, Trade Mark East Africa launch public-private sector programme to strengthen trade

The East African Business Council (EAC) and Trade Mark East Africa have recently announced the launch of a groundbreaking five-year program focused on enhancing public-private sector dialogue for trade and investment. The initiative, aimed at improving advocacy and dialogue on trade facilitation, is set to play a pivotal role in fostering business growth and expansion within the East African region and beyond. Peter Mathuki, the Executive Director and CEO of the East African Business Council, shared insights on the importance of this new program during an interview with CNBC Africa. He emphasized the critical role of the private sector in regional integration, highlighting the need for a vibrant private sector to drive sustainable growth and achieve full integration within the region. One of the key motivations behind this initiative is the observation that the intra-regional trade within the East African Community (EAC) remains below 20%, significantly lower than other regional economic blocs like the European Union with intra-regional trade levels exceeding 40%. To address this disparity, the EAC and Trade Mark East Africa are focusing on fostering extensive dialogue between the public and private sectors to tackle underlying issues hindering intra-regional trade. The program encompasses various key areas, including strengthening the collaboration between the private and public sectors to ensure active involvement in policy discussions and decision-making processes. By engaging in dialogue and addressing trade barriers, such as inadequate infrastructure and non-tariff barriers, the initiative aims to boost intra-regional trade within the EAC. Infrastructure development plays a crucial role in enabling regional integration, and Mathuki highlighted the significant progress made in enhancing infrastructure within the East African region. Initiatives like improved road networks and cross-border infrastructure projects are instrumental in facilitating trade and investment, ultimately contributing to the region's economic growth. Moreover, the program's impact is expected to extend beyond the East African Community, with plans to collaborate with other regional economic blocs like the Common Market for Eastern and Southern Africa (COMESA). By aligning with the African Continental Free Trade Agreement (AfCFTA), the initiative demonstrates a broader commitment to promoting intra-African trade and economic cooperation. In conclusion, the partnership between the East African Business Council and Trade Mark East Africa signifies a significant step towards enhancing trade facilitation and promoting business development in the region. With a focus on fostering public-private sector dialogue, improving infrastructure, and expanding collaboration with other regional blocs, the program sets a positive trajectory for advancing economic integration and trade growth across Africa.