East Africa can become a global and intra-regional trade hub but only if it dismantles all trade barriers in the region, according to researchers at the UK-based Barclays Bank plc.
The researchers note that improving Customs clearance procedures, facilitating greater cross-border co-operation, eliminating both tariff and non-tariff barriers and increasing investment in infrastructure such as roads, railway, ports, airports and energy could transform the prospects for the region’s trade.
“East Africa benefits most from relatively strong border administration and a fast-growing regional market,” they say.
In their Barclays Africa Trade Index (2015) report, the researchers say many countries in Africa have taken some positive steps to boost trade by harmonising regulations along transport corridors, reducing stay times at the ports and delays associated with Customs control points and coordinating Customs processes across regional economic communities. Read more. Source | The East African