EAC customs union on track but more tech integration to drive Africa trade
The East African Community has been deemed as the most integrated trading bloc in the continent. CNBC Africa’s Aby Agina spoke to Annette Ssemuwemba Mutaawe, Deputy SG: Custsoms, Trade & Monetary Affairs, East Africa Community to take stock of the hits and misses for the trading bloc and what areas of deeping trade are most pressing for the region.
Tue, 03 Dec 2024 15:05:48 GMT
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AI Generated Summary
- The East African Community celebrates its 25th anniversary with significant achievements in finalizing protocols for customs union, common market, and progress towards a monetary union, underlining its status as the most integrated trading bloc in Africa.
- Challenges such as non-tariff barriers, peace and security issues, climate change, and financial sustainability pose hurdles to regional trade cooperation, urging collective efforts to address these concerns.
- Focus on enhancing customs processes, leveraging technology, and collaborating with other regional trading blocs like SADC and COMESA aims to streamline trade, eliminate barriers, and pave the way for seamless trade across Africa to realize the vision of the AfCFTA and boost intra-Africa trade.
The East African Community (EAC) has been hailed as the most integrated trading bloc on the continent, marking a significant milestone as it celebrated its 25th anniversary. Annette Mutaawe Ssemuwemba, the Deputy Secretary General of the East African Community, highlighted key achievements such as the finalization of protocols, including the customs union, common market, and progress towards a monetary union. With an expanded membership of eight partner states, the EAC has made significant strides in fostering trade integration and collaboration. However, challenges such as non-tariff barriers, peace and security issues, climate change, and financial sustainability remain pressing concerns for the region. Despite these challenges, there is a collective effort to deepen regional trade and economic cooperation. A key area of focus for the EAC is enhancing customs processes and leveraging technology to drive Africa's trade agenda towards seamless trade across the continent. Collaborations with other regional trading blocs such as the Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA) aim to harmonize policies and regulations to boost trade benefits. Embracing innovation, smart corridors, artificial intelligence, and increased communication are essential to streamline trade processes and eliminate barriers to trade. The ultimate vision is to realize the African Continental Free Trade Area (AfCFTA) and promote intra-Africa trade by expanding markets and implementing conducive policy frameworks for trade within the region and beyond.
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