Customs bodies and the business community across the East African Community (EAC) have praised the positive gains from the single customs territory, saying it has eased business and reduced malpractices that had characterized regional trade.
The initiative was introduced in 2013 to improve efficiency in doing business in the region. It seeks to ease doing business across the bloc by electronically processing goods and releasing them from the country of destination prior to loading and releasing from the port. Read more. Source | New Times
Kenya’s Chamber of Commerce and Industry (KNCCI) and the ministry of EAC and Regional Development are working on educating kenyan businesses and entrepreneurs on the available opportunities for trade in the EAC market. This has been agreed by the KNCCI chairman Mr Kiprono Kittony and the cabinet secretary for EAC and Regional Development Mr Peter Munya at a meeting seeking to have both parties collaborating on sensitization and capacity-building of Kenyan businessmen and entrepreneurs to seize the opportunities provided by the EAC integration for accessing the larger East African market. Read more. Source | The Exchange
EAC COMMON MARKET IMPLEMENTATION Impact of Container Cash Deposit Requirement in Kenya: The Case of Private Sector Firms in Rwanda
To highlight the impact of Mombasa Port container cash charges on regional trade and business, the Hub created the following case study focused on Rwanda private sector firms. The study demonstrates the need for a solution to the cash deposit requirement in order to reduce the cost of doing business. The study reveals long administrative time gaps between claim submission and deposit recovery that impact on business cash flow and adds financial burdens, particularly to smaller freight forwarders. It also leads to an increase in operational costs that are ultimately passed on to consumers. The study further reveals how the utilization of a guarantee scheme has enabled some of the firms to reduce costs.
According to The Global Innovation Index 2017 Innovation Feeding the World, Kenya, Rwanda, Senegal, Uganda, Mozambique, and Malawi stand out for being innovation achievers at least five times in the previous six years. All six East African partner states have a great capacity to create wealth for their citizens by harnessing science to attain industrial development, EAC boss has said. Read more. Source | The Exchange
East African Community has continued to realize significant growth and development even though there have been mixed results, EAC Chairperson of the Council of Ministers has said.
According to the Second Deputy Prime Minister, of Uganda, Dr Ali Kirunda Kivenjija, EAC region maintained its position as the fastest-growing sub-region in Africa, with estimated growth of 4.6 % in 2017, up from 4.4 % in 2016. Read more. Source | The Exchange
Regional integration ranks among the most beneficial policies pursued by Kenya and its neighbors. By creating one large market, pooling resources and influence, East Africa is able to punch way above the weight of individual members. A bigger market is better placed to create jobs and prosperity. It is also more attractive to external investment. Read more. Source | Daily Nation
The East African Community is working overdrive to enhance market access to regional and international markets through a comprehensive export promotion strategy. The EAC Director General, Customs and Trade, Mr. Kenneth Bagamuhunda, said the Community is implementing programmes aimed at promoting and strengthening intra- and inter-regional trade including the implementation of trade facilitation programmes particularly the removal of Non-tariff Barriers (NTBs) to trade. Read more. Source | Daily News
Foreign investors are weighing their options about investing in East Africa’s stock markets as the regional governments, faced with dwindling foreign direct investment flows, have started implementing programmes to attract foreign investors to certain sectors.
Stock exchanges are barometers of economic performance and data indicates that activity on the Kenyan and Uganda securities exchanges picked up during the first two months of 2018. Tanzania’s and Rwanda’s faltered, largely due to the nature of their political and economic environments. Read more. Source | East African
The East African Community (EAC) has made significant gains in reducing trade bottlenecks and boost doing business in the bloc, TMEA has said. According to TradeMark East Africa, Chief Executive Officer, Frank Matsaert the region has come a long way in improving the ease of doing business in the bloc. Read more. Source | The Exchange
Towards the Comprehensive Review of the EAC CET is a policy brief published by the Kenya Private Sector Alliance (KEPSA) and the East Africa Trade and Investment Hub.
The publication contains key recommendations that will lead to successful establishment of a Common Externat Tarriff (CET) on goods imported into the partner states from foreign countries in the East Africa Community (EAC).