A strong call has been made to the East African Community (EAC), partner states to prioritize on policies that will attract and promote investment focusing on the development of the people and business community.The integration of the people into the economy is the only way to ensure that growth has a broad effect and is sustainable. “We have to listen to the people and to the businesses and it is only by working together that we will be able to spur economic growth in our region,” The Chairperson of the Summit of East African Community Heads of State, Paul Kagame said over the weekend. Read more. Source | Daily News
Trade among East African Community states has declined by 31.4 per cent, thanks to non-tariff barriers and increasing imports from Asia. A new report by the United Nations Economic Commission for Africa (Uneca) shows that intra-EAC trade fell to $2.4 billion in 2017, from $3.5 billion in 2013, with Kenya and Tanzania being blamed for the decline.The situation may not change soon, as partner states grapple with trade and political tensions between Rwanda and Uganda over the lock down of the Gatuna border post; and Rwanda and Burundi continue to differ over security matters. Read more. Source| The East African
Rwandan President Paul Kagame said while opening the Africa CEO Forum at the Kigali Convention Center in Rwanda that 21 countries had ratified the Continental Free Trade Area. Ethiopia last week took the agreement through Parliament, becoming the 21st country to do so. For the trade deal that would create a market of $3 trillion and a market of 1.2 billion people with no tariff and border restrictions to be enforceable, 22 countries are required to ratify. The deal was negotiated over two years before being signed in Kigali last year. Read more. Source| The East African
When the Africa Continental Free Trade Area is implemented this year, it will create a single market for goods and services for the first time in the continent’s history. The agreement will cover a geographic area with a combined GDP of $3.2 trillion and a population of 1.2 billion people. It has the potential to drastically accelerate economic growth and exceed the African Development Bank’s current estimates for GDP growth from $1.7 trillion in 2010 to more than $15 trillion by 2060. Read more. Source | New Times
The future of the tea and coffee sectors globally now depends largely on the use of the latest technology and cost effective processing. Players in the tea and coffee sectors are scheduled to meet in India in November to discuss the future of these cash crops at the 7th edition of World Tea Coffee Expo (WTCE).
The WTCE identifies market trends, global drivers, challenges, constraints, threats and investment opportunities in tea and coffee market.The event is expected to showcase innovative tea and coffee brands, machinery, equipment, packaging, technologies and vending solutions. Read more. Source| The East African
The 52nd session of the Economic Commission for Africa’s (ECA) Conference of African Ministers of Finance, Planning and Economic Development, will be held in Marrakech, Morocco, next week under the theme; Fiscal policy, trade and the private sector in the digital era: A strategy for Africa.The March 20-26 conference, according to organisers, will provide an opportunity for the African ministers to examine the fiscal policies necessary for the implementation of the African Continental Free Trade Area (AfCFTA). Read more. Source | New Times
Coffee exporting companies have topped the 2018 Presidents’ Export Award. Ugacof, a coffee processing and exporting company, was the overall winner followed by Kyagalanyi Coffee. Ugacof, which has been in existence for the last 25 years, earned Uganda export receipts in the excess of Shs333b in year under review. It competed with other 40 companies under 12 product lines in an exercise that was vetted by Uganda Export Promotion Board in collaboration with Trade Ministry, Uganda National Bureau of Standards, Private Sector Foundation Uganda, Uganda Investment Authority and Uganda Manufacturers Association. Read more. Source | Daily Monitor
Tanzania has rebased its economy to include the informal sector as a way of expanding coverage of economic activity and boosting the country’s financial status, which has heavily relied on agriculture.Data from the National Bureau of Statistics shows the performance of key economic sectors such as agriculture, industry and construction has remained relatively flat, with the services sector now becoming the main contributor to the country’s GDP. This is the sixth time that Tanzania is rebasing its economy, the initial rebasing having been done in 1966. Read more. Source | The East African
East Africa’s intra-regional trade is falling by the day as trade disputes and non-tariff barriers persist, giving way to the creation of new trade alliances by frustrated partner states. Official data shows that the volume of trade among the East African Community partner states is not high enough, to prevent trading partners such as China and India makin major inroads into the region.
According to the EAC Secretariat, the overall intra-regional trade has been meagre, accounting for a paltry 0.2 per cent of global trade in 2017, compared with 0.3 per cent in 2016. Read more. Source | The East African
Kenya and Ethiopia have renewed their commitment to implement joint infrastructure projects as key enablers of the two economies.President Uhuru Kenyatta and Ethiopian Prime Minister Abiy Ahmed said that the regional mega initiative, the Lamu Port-South Sudan-Ethiopia Transport Corridor (Lapsset), is central to the unlocking of the economic potential of the entire East African region. The Lapsset project includes building of railway, electricity, roads and the Lamu Port. Read more. Source | The East African