KIGALI (Rwanda), Oct 17 (NNN-DAILYNEWS) — THE East African Business Council (EABC) CEOs-EAC Secretary General Meeting held in Kigali, Rwanda has declared a commitment to boost intra-EAC trade to 40 per cent by 2030.
The meeting, held under the theme “Enhancing Competitiveness in the EAC: Addressing Barriers and Leveraging Opportunities in Regional Integration,” was organised by the EABC in partnership with the Private Sector Federation – Rwanda (PSF-R) and the East African Community (EAC).
In her address, EAC Secretary General, Veronica Nduva said that the EAC Heads of State have set an ambitious and achievable target to increase intra-EAC trade from 15 per cent to 40 per cent by 2030.
She urged the private sector to promote the EAC as a unified trade bloc, emphasising that regional benefits outweigh national interests, with the EAC’s market of 312 million being far larger than individual national markets.
Minister of State for Foreign Affairs in charge of Regional Cooperation, Rwanda, General (Rtd) James Kabarebe, reiterated the commitment of EAC Heads of State to the integration agenda. He pledged to secure the progress made and to address the setbacks to intra-EAC trade and investments.
Vice-Chairperson of EABC, Dennis Karera stated that this meeting of the private sector, EAC Secretary General, the Minister of Trade and Industry and the Minister of State for Foreign Affairs in charge of Regional Cooperation has resulted in a declaration outlining practical recommendations to move from rhetoric to action.
“Our shared goal is to increase intra-EAC trade and strengthen Rwanda’s trade and investment ties with other EAC Partner States,” he said.
Minister of Trade and Industry, Rwanda, Prudence Sebahizi, reiterated the government’s commitment to partnering with the private sector in driving EAC integration.
He emphasised the need to improve production and exports to meet regional, continental and international market demands of goods and services.
In 2023, the total global merchandise trade by the EAC grew by 2.37 per cent, reaching over 80 billion US dollars, with intra-EAC trade growing by 13.1 per cent to 12.1 billion US dollars. Rwanda’s total trade grew by 20.3 per cent, demonstrating the positive impact of ongoing reforms aimed at streamlining trade and improving market access.
This year the EAC is marking 25 years. The EAC has introduced several initiatives, including the e-Tariff toolkit and trade information portals, which provide the private sector with access to tariff structures and step-by-step guides on licences, permits and procedures for goods moving in and out of the region.
Furthermore, the EAC has harmonised over 1,920 product standards across 80 sectors. The EAC’s Industrialisation Policy aims to increase the manufacturing sector’s contribution to GDP from 8.9 per cent to 25 per cent by 2032.
Nduva praised the government of Rwanda, under the leadership of President Paul Kagame, for hosting the second edition of the Biashara Africa AfCfTA Business Forum in Kigali.
Under President Kagame’s patronage, the establishment of the world’s largest free trade area, the AfCFTA, began in March 2018 with the signing of the agreement in Kigali.
The Secretary General noted that AfCFTA presents opportunities for EAC partner states to leverage the continental market, build regional industrial value chains and increase intra-Africa trade.
Discussions and presentations during the meeting focused on the liberalisation of air transport services, transport and logistics, manufacturing, tourism and the movement of services and service providers.
Key matters deliberated included the digital economy, upgrading transport networks, energy, road user charges, discriminatory levies and charges, stays of applications, work permits and the One Tourist Visa, East African Payments System (EAPS), Single Africa Air Transport Market Agreement among others. — NNN-DAILYNEWS
