Leaders (think-tanks in this vein) have thought of coming together to form joint blocs to help them address the challenges, but a prominent Nigerian ScholarChinua Achebe has begged to know if the war would be won if individual member states still treat each other with suspicion through a character he calls Okwonkwo asking his brothers a question that ‘how can we fight a common enemy if my own brothers have turned against me?’
This is the typical picture each member state ought to address to uplift young brother like South Sudan now facing famine, civil strife, poor infrastructures and others in their East Africa Community (EAC). Read more. Source | Daily News
African continent is set to fast track continental free trade area early next year to create single market for goods and services.
Head, of Trade Division in the African Union Commission Mr Nadir Merah said in Dar es Salaam yesterday at the threeday-workshop that the initiative focuses at improving Africa’s competitiveness in the global economy.
“We need to fast track free trade areas as soon as possible. Towards end of January next year, we will present to the heads of the states the final paper on the initiative,” he said adding that the workshop seeks to discuss ways to improve communications and information systems on business and finance. Read more. Source | Daily News
The Common Market for Eastern and Southern Africa (COMESA) secretary General, Sindiso Ngwenya has urged member states to fast track harmonisation of policies in the mining industry to make the sector more competitive and profitable.
According to Ngenya, the sector’s potential can only be sustainably harnessed through establishment of governance structures and leveraging on the existing multinational trade agreements.
Ngwenya told The New Times that sound institutional frameworks will enable COMESA’s national and sub-national governments to have a say in decisions regarding the use of the resources located in their territories including minerals if they harmonise policies regulating the sector. Read more. Source | New Times
Tanzania and Kenya have agreed to end the trade barriers at the borders in afresh bid to improve bilateral cooperation and investment.
This was said on Saturday September 9, in Dar es Salaam by the Permanent Secretary in the Ministry of Industries, Trade and Investment, Prof Adolf Mkenda,at the end of talks involving senior leaders from the two countries. Read more. Source | The Citizen
Traffic on the global payments network Swift has grown by 20.1% in East Africa over the past year, indicating an increase in trade flows with and within the region.
East Africa has outperformed the total growth for Swift globally, which amounts to 8.2%.
The figures released by Swift this week also show that intra-regional traffic in the region is up by 19.8% compared to 2015, now accounting for 69% of payments traffic in East Africa. Read more. Source | Global Trade Review
nternational organisations such as the United Nations Conference on Trade and Development (UNCTAD) and the International Monetary Fund affirm that for sustainable and collective growth to happen in a globalised era, large African economies must remove the walls separating them from the continent’s underdeveloped economies.
According to UNCTAD’s 2016 report African Continental Free Trade Area: Advancing Pan-African Integration, regional integration is needed to further technology and economic innovation in Africa. Read more. Source | Biz Community
As competition among ports in Eastern and Southern Africa stiffens, the Tanzania Ports Authority (TPA) has decided to come up with a Master Plan for establishment of dry ports in strategic regions, to ease clearance and shipment of transit cargo to neighbouring countries.
This was revealed by TPA Director General, Engineer Deusdedit Kakoko at Ruvu-Vigwaza area in the Coast Region over the weekend, where he accompanied Minister for Works, Transport and Communications, Prof Makame Mbarawa to Kwala area to inspect an ongoing construction of a dry port.
In his details, Engineer Kakoko said for years now TPA has been operating its dry ports, including constructing new ones but without a Master Plan - a dynamic, short and long-term planning document that provides a conceptual layout to guide future growth and development. Read more. Source | Daily News
Rwandan and Tanzanian private sector bodies on Monday reiterated their commitment to collaborate in advocating for elimination of Non-Tariff Barriers (NTBs) between the two countries.
Restrictions that result from prohibitions, conditions, or specific market requirements that make importation or exportation of products difficult and or costly continue to trouble business people from both countries and, this was high on agenda of a one-day peer to peer meeting held in Kigali.
“Unlike politicians, business people don’t have term limits or constituencies. All that is important is a good doing business environment; and that is what we all desire. We must continuously collaborate, or regularly share views on how best we can collaborate to further make things better,” Stephen Ruzibiza, the PSF chief executive, said. Read more. Source | New Times
Insurance regulators from the East African Community meet in Arusha on Thursday in efforts to adopt common regulatory standards meant to protect policyholders and ensure stability of the sector.
The meeting, called by the East African Insurance Supervisory Association (EAISA), will explore emerging issues including common regulatory standards, according to an announcement.
East African countries are seeking to harmonise rules to supervise companies in areas such as corporate governance, capitalisation, investment, stress testing, supervision and winding up of insurance firms. Read more. Source | Business Daily
Kenyan and Tanzanian businesses are calling for the elimination of various non-tariff barriers that slow down trade between the two countries.
A consultative meeting held in Dar es Salaam last week between the Tanzania Private Sector Federation (TPSF) and the Kenya Private Sector Alliance (KEPSA) noted that Kenyan exporters of cement, edible oils, cigarettes and other products still encounter restrictions on entry into Tanzania while Tanzanian dairy traders are finding it difficult to export to Kenya.
“There is a need to facilitate administrative processes on the movement of goods, including clearance at border points,” the trade lobbies said in a joint communiqué after the meeting on Thursday. Read more. Source | The East African