During the second Growth and Transformation Plan (GTP II) period Ethiopia aims to register a 29 percent annual increment in foreign trade and secure 14 billion USD by the end of the period (2019/20 fiscal year). Concerning sector’s contribution, the country eyes to secure 7.7 billion USD from agriculture, 4.2 billion USD from manufacturing industry and 2.2 billion USD from mining.
Ethiopia has also given due emphasis to the manufacturing sector such as textile and garment, leather and pharmaceuticals as well as sugar exports as sources of substantial foreign currency. Read more. Source | Ethiopian Herald
Ugandan exporters will resume using the Single Customs Territory in July, according to Mr James Kisaale, the Uganda Revenue Authority assistant commissioner for trade. In an interview at the weekend, Mr Kisaale said exporters would resume using the system in July 5 following a brief suspension of the Single Customs Territory, a key stage in the attainment of the EAC Customs Union. Read more. Source | Daily Monitor
The East African Community is pushing for an amendment to the Customs Management Act to allow Customs officials to get advance information regarding goods being moved across national borders ahead of their arrival on carrier vessel.This would enable Customs officials to detect high-risk consignments and take appropriate action, and expedite clearance of legitimate cargo. Read more. Source | East African
Rwanda became the latest country, alongside Niger to confirm the African Continental Free Trade Area Protocol. The two add up the tally to four countries now, with Kenya and Ghana being the first two to formalize the protocol . the African Union(AU).
One of the paramount objective of the trade agreement is to create a single continent market for goods and services to propel businesses and make trade better. They seek to have a free flow of movement of goods and people to encourage more investments for the growth and expansion of Africa’s economy. This move will catapult the intra-trade relationships in the continent to necessitate a better business environment. Read more. Source | The Exchange
Governments across Africa should share best practices and develop competition policies that allow more openness in the market, experts at the World Bank Group have said.
The message was delivered in Kigali on Monday at the East Africa region dissemination of a report by World Bank Group’s International Finance Corporation (IFC) in partnership with Rwanda Utilities Regulatory Authority (RURA) and the African Competition Forum (ACF). Read more. Source| New Times
Chief justices from the East African Community have resolved to speed up cases involving trade disputes in order to support the regional process.
The judicial bosses from Kenya, Uganda, Tanzania, Rwanda, South Sudan and Zanzibar, met in Nairobi to draft a framework where judiciaries in the region will cooperate, share experiences and expertise, harmonise jurisprudence and jointly confront challenges to the administration of justice in the region. Read more. Source | East African
Sub-Saharan region has been poised to a robust growth in the next two years owing to a number of modified factors to suit the growth and expansion of the region. The region is picking up well after a rather downfall in its development and reports suggest the region is on course for a great economic growth, probably better than forecast before. Read more. Source | The Exchange
Improved efficiency and enhanced capacity at the Port of Mombasa holds the key to positioning Kenya as Africa’s industrial hub, logistics experts say.This is particularly the case with the proposed creation of a free-trade zone on the continent, they add.
Kenya has been on the frontline in pushing for implementation of the proposed African Continental Free Trade Area (AfCFTA), becoming among the very first nations to offer legal backing to the treaty through a Bill in the National Assembly. Read more. Source | Business Daily
A month after 44 African states signed the African Continental Free Trade Area (AfCFTA) agreement, members of the Lower House have given the green light to the deal that is aimed at making Africa the largest trade bloc in the world.
The MPs also passed the protocol on trade in services, free movement of persons, protocol on trade in goods, and the protocol on dispute settlement mechanism.Rwanda becomes the first country to ratify all the instruments. Read more. Source | New Times
Economic growth in Africa rebounded, but “not fast enough” in recent past, according to Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by the World Bank, released on Wednesday in Washington.
The report, which was released during the World Bank Spring Meetings, however shows that, “Growth prospects have strengthened in most of East Africa, owing to improving agriculture sector growth following droughts and a rebound in private sector credit growth. In Ethiopia, growth will remain high, as government-led infrastructure investment continues.” Read more. Source | New Times