Arusha, Tanzania — A new scorecard, assessing progress toward developing the EAC Common Market has been launched today in Arusha,Tanzania by the EAC Secretary General Amb. Dr Richard Sezibera. The Scorecard which measures Partner States' compliance to the free movement of capital, services and goods was developed by the World Bank Group at the request of the EAC Secretariat.
The Scorecard was developed over a period of 18 months under the supervision of the EAC Secretariat and Partner States. The areas of capital, services and goods were selected for scoping as they are foundational for the operation of the common market.
The EAC Secretary General Amb. Dr. Richard Sezibera, stated, "The Scorecard is well aligned with the EAC's implementation priorities. It will foster peer learning and facilitate the adoption of best practice in the region. This will contribute to strengthen the regional market, grow the private sector and deliver benefits to consumers."
Catherine Masinde,Head, East & Southern Africa, Investment Climate, said, "The EAC Scorecard provides transparent, rigorous, unbiased and client-led data on the key implementation gaps to the integration of the region's economies. It also highlights possible reform areas to improve compliance to the Common Market Protocol".
The restrictions identified by the Scorecard limit cross-border trade and foreign direct investment into the East African region.
The Scorecard notably identifies at least 63 non-conforming measures in the trade of services and 51 non-tariff barriers affecting trade in goods while in the area of Capital, only 2 of the 20 operations covered by the Common Market Protocol are free of restrictions in all of the EAC Partner States.
The East African Community (EAC) is the regional intergovernmental organisation of the Republics of Burundi, Kenya, Rwanda, the United Republic of Tanzania, and the Republic of Uganda, with its headquarters in Arusha, Tanzania.
Mission and Vision
The Vision of EAC is a prosperous, competitive, secure, stable and politically united East Africa; and the Mission is to widen and deepen Economic, Political, Social and Culture integration in order to improve the quality of life of the people of East Africa through increased competitiveness, value added production, trade and investments.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world's most pressing development challenges.
Owora Richard Othieno,
Head of Department;
Corporate Communications and Public Affairs;
Tel: +255 784 835021;
Corporate Communications and Public Affairs Department
EAC Secretariat Arusha, Tanzania