Tanzania Private Sector Foundation (TPSF) has highlighted 8 achievements it recorded during the implementation of a yearlong East Africa Trade Hub project in facilitation towards compliance with the region common market protocol.
Among other achievements, the project succeeded to re-open rice markets for small holder farmers in Rwanda and Uganda, this was after eliminating the 75 per cent common external tariffs. Read more. Source | The Citizen
East Africa recorded the continent’s best economic performance in 2017, with a GDP growth of 5.9 per cent — above the continental average of 3.6 per cent.
This growth was achieved in a year that saw the region’s economic fortunes dip, as several companies keen to lower costs and post profits turned to staff cuts. Read more. Source | East African
Ministers in charge of trade from across the African continent over the weekend approved the draft African Continental Free Trade Area (CFTA) agreement ahead of its signing later this month by heads of state. The ministers convened on Thursday last week to review the draft document.
After reviewing the 250-page draft agreement, the ministers agreed that it factors in concerns and inputs of member states expressed during the negotiation phase. Read more. Source | New Times
Heads of State from Africa will converge on Kigali on March 21 for an extra-ordinary summit, to sign a long-negotiated framework agreement establishing the African Continental Free Trade Area (CFTA).Attached to the CFTA Agreement will be the protocols on trade in goods and services, and dispute settlement.
The protocol on trade in goods will have a number of annexes, covering rules of origin, non-tariff barriers, technical standards, health standards, customs, trade facilitation, transit trade, and trade remedies. Read more. Source | Business Daily
The East African Community member states’ appreciation of rail transport has increased, a trend experts think is good for doing business because it reduces on time.This trend, according to the experts, does not only ease doing business in the region but also it is cost effective because of its turnaround.
Latest report from the Kenya Ports Authority (KPA) published this month shows that containers delivered up-country by rail from the Port of Mombasa recorded 671 twenty-foot equivalent unit (TEUs) registering an increase of 233 TEUs compared to the previous week. Read more. Source | Daily Monitor
Preparations are finalized for the Joint EAC Heads of State Retreat on Infrastructure and Health Financing and Development scheduled for this week in Kampala, Uganda, EAC Secretary General Amb. Liberat Mfumukeko has said.
Amb. Mfumukeko was speaking at the press conference held at the EAC Headquarters to update media on the upcoming Joint EAC Heads of State Retreat as well as 19th Ordinary Summit of the EAC Heads of State which will also be held in Kampala. Read more. Source | Daily News
The quality of regional trade in cereals and pulses is expected to improve following the launch of newly gazetted standards for staple foods.
The harmonisation comes after a long period where each East African country used its own yardstick to determine quality of cereals including maize, millet, wheat, sorghum, rice and pulses such as beans and peas traded across borders.
Speaking during an interview on the sidelines of the launch of the new standards by the East Africa Grain Council (EAGC) in Kampala Wednesday, executive director Gerald Masila said the lack of uniform guidelines had served as a technical barrier to trade. Read more. Source | Business Daily
Tanzania hopes to increase its rice exports to Kenya and Rwanda by one-third this year, according to forecast by a trade tracker. According to the East Africa Cross-border Trade (EACT), the trade volume will be boosted by supplies from the August harvest and high carry-over stocks, which are likely to lower prices. The low rice prices are due to lower maize flour cost which is a substitute staple food to rice. Read more. Source | East African
Social enterprises in East Africa are expected to receive $1.2 billion in funding within the next five years, says a new report. The report found that social impact investors have so far invested $680 million in Kenyan social enterprises with renewable energy, financial services and Pay as you go providers emerging as favoured investment sectors by social impact investors.
The report titled State of Social Impact Investing in Kenya was jointly done by US-based development finance consultancy firm FR LLC and students of the University of Virginia’s Darden MBA School of Business. Read more. Source | East African
Stakeholders from the region's grain sector are set to benefit from a deal that will enable them lease post-harvest equipment and access financial advisory services.
The Eastern African Grain Council (EAGC) on Monday partnered with RentCo East Africa, an asset leasing firm, and Centerprise Africa, an advisory company, to offer EAGC members the services at preferential rates. Read more. Source | East African