The East African Business Council (EABC) has signed a Memorandum of Understanding (MoU) with the Abuja Chamber of Commerce and Industry (ACCI) to strengthen trade cooperation between the East and West of Africa.

Speaking at the signing ceremony, Mr John Bosco Chief Executive Officer of East African Business Council said Intra-African trade is currently low at 14.4 per cent of total African exports while the African Continental Free Trade Area (AfCFTA) is set to boost intra-African trade by about 33 per cent.

"EAC bloc goods export to the Economic Community of West African States (ECOWAS) reached 91 million US dollars while imports 256million US dollars.

"EABC and ACCI partnership will champion AfCFTA implementation by collaborating and linking businesses to access export and import and investment opportunities," Mr Bosco said.

As outlined in the MoU, EABC and ACCI also committed to jointly organise outward trade missions, study tours, exhibitions and conferences.

Dr Al-Mujtaba Abubakar, President CEO, of Abuja Chamber of Commerce and Industry (ACCI) said The ECOWAS has a combined GDP of 734.8 billion US dollars and a population of 300 million citizens. Following the disruption of global supply chains due to COVID-19, now EAC imported more from the ECOWAS region.

"The partnership will boost commercial information exchange, customer, due diligence information and offers a platform for alternative dispute resolution on trade matters," Dr Abubakar said.

EAC imports from ECOWAS hit 488.4million US dollars in 2020 a 132 per cent from 209 million US dollars in 2019.

Top EAC product imports from ECOWAS are precious stones, animal or vegetable fats, mineral fuels, glass, machinery, essential oils and cocoa while top EAC exports to ECOWAS include textile fibres, coffee, tea, and spices, pharmaceutical, raw hides and skins, electrical machinery, furniture; miscellaneous chemical products and tobacco.