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East Africa: Country, Burundi Become Part of EAC
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The Monitor (Kampala)
24 December 2007
Posted to the web 27 December 2007
Tom Magumba
Kampala
JUNE this year finally saw Rwanda and Burundi integrated into the East African Community (EAC) after a long spell of negotiations.
The merger is expected to go along way to strengthen the region bloc that prior had only 3 countries. The entry of Rwanda and Burundi is expected to increased trade and investment, attract new business opportunities, making the region a more competitive environment for business.
The EAC is likely to gain from the benefits of larger market and investment areas as well as coordinated defence on foreign trade policies out of the expanded market.
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The EAC bloc will grow by more than 120 million people and analysts said such a big population would prove instrumental to the economic bloc in terms of both market and investments.
The new entrants also hope to benefit from an EAC customs union, which began setting common external tariffs for goods entering the region in January 2005.
On a broader outlook, the move would also allow the tiny Central African neighbours to join a planned political federation, including a common market for the region's combined population of 110-million, a monetary union and a common president and Parliament by 2010.
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