East Africa Community says any agreement reached should not upset the common market protocol and customs union in the region.
Economic experts have supported the recent decision taken by the government of Uganda to join the COMESA FTA, saying it would increase the volume of Ugandan exports to the COMESA FTA and promote the country’s economic growth.
“Right now, Ugandan traders are fighting with Kenya over the issue of cash bonds, Tanzania is lagging behind the integration process because it says it will not allow their land to go, and Zanzibar says it wants to go independent of Tanzania…. so where are the consensus values?”
Three regional economic communities (Recs) have taken the lead as Africa seeks to remove trade barriers by 2017.
In his keynote address on the role of multilateral and bilateral trade agreements in fostering trade and development in Africa early this year, former Tanzanian president, Benjamin William Mkapa, raised critical questions and warned East African Community (EAC) countries that signing an Economic Partnership Agreement (EPAs) would deny the region chances to develop into industrialized nations.
East Africa Community (EAC) General Secretary, Dr Richard Sezibera said despite progress made in the ongoing negotiations in the Economic Partnership Agreement (EPA) with the European Union, there were still contentious issues to be addressed.
The United States and East African community have agreed on a new partnership could serve as a building block towards a more comprehensive trade agreement over the long term.
A new Trade and Investment partnership has been forged between the Arusha-based East African Community (EAC) and the United States of America, the ’Sunday News’ has learnt.
Kenya could lose heavily if Economic Partnership Agreements (EPAs) are not signed, Musa Sirma, East African Community (EAC) minister said.
Plans to create an African free trade area (FTA) by integrating three existing African trade blocs consisting of 26 countries by July 2014 are gaining momentum. The aim is to create a free market of 525 million people with an output of US$1 trillion making it a global player.
The East African Legislative Assembly has warned that the region stands to lose if it is not careful with Economic Partnership Agreement negotiations with the European Union.
Plans to create a 26-nation free trade area by integrating three existing African trade blocs by July 2014 are on track and the only major sticking point is likely to be harmonising rules of origin, the three blocs said on Friday.
Regional countries should not rush to seal the EAC-EU trade deals, known as the Economic Partnership Agreements (EPAs), a cabinet minister has said.
East African Community legislators and civil society organisations have urged the European Commission to desist from making unrealistic deadlines in trade negotiations; rather, negotiations should be driven by content rather than time frames.
East African governments are negotiating for Economic Partnership Agreements (EPAs) with the European Union (EU). The EPAs are free trade agreements based on the principle of reciprocity. They require Africa to open up its borders to duty and tariff-free goods and services from Europe. But numerous studies posit that this unequal partnership will have disastrous consequences on African citizens.
Revelations that Kenyan flowers will be subjected to 16 per cent duty should Kenya fail to ratify Economic Partnership Agreements (EPAs) by June raises concern about their role in boosting trade on the continent.
A bid by European parliament to impose a deadline for reaching a binding trade pact with East Africa is driving a wedge between the Government and exporters who feel the matter is not being addressed urgently enough.
The East African Community (EAC), Secretary General Dr. Richard Sezibera has said that the region is committed to succeed in the negotiations of the Economic Partnership Agreement (EPA).
Strengthening bilateral trade and investment relations with African countries was a key trade and economic strategy for South Africa, Trade and Industry Minister Dr Rob Davies told the sixth Africa Economic Forum in Cape Town this week.
The search for a binding pact to safeguard the multi-billion-shilling export trade with Europe has taken a new twist with East African partners resolving to push for new classification of Kenya.