THE East African Business Council (EABC) board has shaped the new business priorities for Intra-EAC trade growth and economic resilience.
This was stated by the EABC Chairperson Ms Angelina Ngalula during the 84th meeting outlining priorities that were set to boost Intra-EAC trade and investments that were held in Dar es Salaam over the weekend.
In her speech to the 84th EABC board meeting, MsNgalula lauded the EABC Secretariat for championing the adoption of 35percent as the 4th band of EAC Common External tariff by the EAC partner states which will promote industrialization.
She also said that, the board is steadfast in steering high-level policy advocacy through dialogue with the EAC Heads of State to unlock Non-Tariff Barriers, restrictions to free movement of services, double taxation, open skies, telecommunications and infrastructure development in order to boost intra-EAC trade and economic resilience amid the global crisis.
“Half of the countries in the Eastern Africa sub-region are net food importers and are extremely vulnerable to higher global food and energy prices, rising inflation and food insecurity in the EAC bloc.
According to FAO (2022), the Global Food Price index of cereals, meat, and dairy rose by 26 per cent,” said Ms Ngalula.
She also said that, the board urged the EAC Council of Ministers to fast track finalisation of the regional local content policy and ratification of Article 24(2) of the protocol on the establishment of the customs union to operationalise the trade remedies committee to handle disputes on trade-related matters.
She also said that the EABC board appreciated the EAC Secretary General for leading the EAC trade mission to the Democratic Republic of the Congo.
Ms Ngalula added that, the EAC trade mission in Congo had directed the EABC secretariat under the leadership of EABC Chief Executive Officer, Mr John-Bosco Kalisa to cement further partnerships with the Federation of Enterprises of the Congo (FEC) to boost trade ties.
“The Board called for full inclusion of private sector proposals in the negotiations of the African Continental Free Trade Area (AfCFTA) agreement and the African Tripartite Free Trade Area (TFTA) through the African Tripartite Business Council composed of COMESA-SADC and EABC,” said MsNgalula.