Arusha — ECONOMIES within the East African Community (EAC) are projected to grow at 5.6 per cent this year from 5.1 per cent registered in 2022.
In its New Year message, the East African Business Council (EABC) further disclosed that Intra-EAC goods exports stood at $3.6 billion in 2021 increasing by 30 per cent from $2.75 billion in 2020 following the elimination of persistent non-tariff barriers and easing of Covid-19 restrictions.
"In 2021, EAC goods export to the world stood at $18.78 billion and imports at $ 44.2 billion," the regional apex body of Private Sector associations and corporates in the East Africa noted yesterday.
According to an EABC's study barometer on business and investment outlook which showed the rate of investments, operation and performance of businesses in the EAC bloc is recovering amid Covid-19 and is set to increase by 11 per cent in this year.
Plans are underway for the EABC to engage the Chair of the Summit of the EAC Heads of State to enhance trade in cereals for increased food security, strengthen the integration of regional supply chains, eliminate Non-Tariff Barriers, restrictions to the free movement of services, double taxation, open skies, telecommunications and infrastructure development in order to boost the expansion of businesses across EAC borders.
"We count on your continued support towards EABC Secretariat advocacy initiatives," the message read in part.
Similarly, the regional business council plans to roll out high-level public-private dialogues to ensure the Governments of EAC Partner States put in place frameworks to reduce the effects of global disruptions on business, investment and economies.
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Last year, EABC organised a Pre-Heads of State Summit Consultation and presented memoranda of private sector policy priorities to the EAC Council of Ministers during the High-Level Summit on Common Market Protocol.
During the year under review, the EABC also saw seven out of 10 EABC Policy Priorities adopted in the Communiqué of the EAC Council of Ministers on Common Market Protocol and the adoption of 35 per cent as the fourth band of EAC Common External Tariff (CET) by EAC Partner States which is set to promote industrialisation and regional value chains.
EABC is the regional apex body of Private Sector associations and corporates in the East Africa with a single purpose of driving EAC's integration process through trade and investment.
Its overarching objective is to be an effective change agent for fostering an enabling business environment and to promote private sector's regional and global competitiveness in trade and investment.
