The East African Community partner states have taken the final step in the implementation of the World Trade Organisation Trade Facilitation Agreement, a move expected to widen the market for the region’s goods and services in developed countries.
The five member states beat the March 31 deadline for their commitment and full participation as a bloc in the WTO trade agreement as required by the WTO Protocol.
Once the protocol is implemented, it is expected to cut the cost of doing business between the EAC and other economies by almost 14.5 per cent, adding to trade reforms already underway in the region to bring down trade barriers.
Peter Kiguta, EAC Director-General for Customs and Trade, said that the final notification documents have been deposited with WTO after the East African states agreed on the notification criteria late last month.
The earlier deadline for the notification had been set for July 2014, but EAC partners negotiated an extension up to March 31, 2015.
Read more. Source | The East African