Nairobi — The East African Business Council has issued a code of conduct for its members.

The new rules seek to eliminate corruption and wastage within the East African Community.

The council's chief executive Charles Mbogori Monday said the code would ensure good corporate governance that would eradicate the vices that impede free and smooth business in the region.

EABC is an umbrella body representing business associations in Burundi, Kenya, Rwanda, Tanzania and Uganda.

In a statement released from Arusha, Tanzania, Mr Mbogori said that the council was worried about counterfeit products coming into the bloc. He said that the council would hold anti-illicit conferences to pressure governments to put legal and institutional measures in place to eradicate the problem.

Mr Mbogori also said the high prices of oil facing regional economies were of concern to the body and said the council would hold an energy conference in Zanzibar in November to find ways of involving the private sector in investing on renewable sources of energy.

Last month, Zanzibar President, Mr Amani Karume requested regional business community to make use of locally available materials such as waste coconut husks to generate power.