{"id":33413,"date":"2023-01-14T09:39:41","date_gmt":"2023-01-14T09:39:41","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/trade-among-eac-countries-hits-10-billion"},"modified":"2023-01-14T10:24:52","modified_gmt":"2023-01-14T10:24:52","slug":"trade-among-eac-countries-hits-10-billion","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/trade-among-eac-countries-hits-10-billion","title":{"rendered":"Trade among EAC countries hits $10 billion"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Intra-East African Community trade continues on an upward trajectory after hitting $10.17 billion in September 2022, according to the EAC Secretariat.<\/p>\n

Imports and exports in the seven EAC Partner States grew from $7.1 billion in 2019 to $9.5 billion in 2021 and by September 2022, the trade value was recorded at $10.17 billion, representing a 20 percent share in global trade.<\/p>\n

Peter Mathuki, EAC Secretary General, attributed the increase in intra-regional trade to political goodwill among members of the Summit of EAC Heads of State and the relaxation of Covid-19 restrictions in the region, among other factors.<\/p>\n

\u201cThe high-level discussions among the Heads of State had eliminated many Non-Tariff Barriers (NTBs) hampering intra-regional trade and there is hope that this and other factors will help raise the level of trade to at least 40 percent over the next five years,\u201d he noted.<\/p>\n

Peter Mathuki, EAC Secretary General during a past meeting. According to Mathuki, the bloc will have a single currency within the next four years.<\/p>\n

Since 2007, at least 257 NTBs have been cumulatively resolved and following the high-level summit on the Common Market Protocol held in July 2022, the EAC will review and discuss different issues impeding integration in the next Council of Ministers.<\/p>\n

Regional ministers in charge of trade and finance set the 4th Band of the EAC Common External Tariff (CET) as 35 percent.<\/p>\n

The CET is one of the key instruments under the Customs Union pillar, which justifies regional integration through uniform treatment of goods imported from third parties.<\/p>\n

\u201cFrom July 2022, imports of locally available goods into the region such as meat, furniture and textiles, have been attracting a tariff of 35 percent. The move aims at promoting local production, value addition and industrialization,\u201d said Mathuki.<\/p>\n

He further disclosed that the bloc\u2019s total trade with the rest of the world stood at $62 billion, adding that there was still room for improvement.<\/p>\n

Progress on single currency in region<\/p>\n

According to Mathuki, the bloc will have a single currency within the next four years.<\/p>\n

\u201cThe single currency will ease business and movement of persons within the region. It is in line with our goal to make the region borderless so that people can move and trade freely as envisioned in the Common Market Protocol,\u201d he said.<\/p>\n

He further indicated that the Council of Ministers is expected to make a decision soon on the location of the East African Monetary Institute, the precursor to the East African Central Bank that will issue the single currency.<\/p>\n

Having a single regional currency means that the power of issuing national currency will be taken from governments to a common institution, the East African Monetary Union.<\/p>\n

Somalia assessed to join EAC<\/p>\n

Another important thing highlighted by the Secretariat is the process of sending a verification mission by the end of January to assess the readiness of Somalia after its application to join the regional bloc.<\/p>\n

Mathuki described Somalia\u2019s long Indian Ocean Red Sea route that links Africa to the Arabian Peninsula as a vibrant economic zone saying that it will bring immense benefits for the EAC.<\/p>\n

\u201cThe exploitation of Somalia\u2019s blue economy resources such as fish and the expansive coastline is also set to boost the regional economy,\u201d he said.<\/p>\n

Kigali will host the next annual East African Court of Justice sitting as part of the rotational mechanism aimed at implementing the policy of taking the integration to the people at the grassroots, according Justice Nestor Kayobera, the Judge President.<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. Intra-East African Community trade continues on an upward trajectory after hitting $10.17 billion in September 2022, according to the EAC Secretariat. Imports and exports in the seven EAC Partner States grew from $7.1 billion in 2019 to $9.5 billion in 2021 and by September 2022, the trade value was recorded at $10.17 […]<\/p>\n","protected":false},"author":84,"featured_media":33412,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[760,763,758],"class_list":["post-33413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\nTrade among EAC countries hits $10 billion - Rwanda<\/title>\n<meta name=\"description\" content=\"Intra-East African Community trade continues on an upward trajectory after hitting $10.17 billion in September 2022, acc ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/trade-among-eac-countries-hits-10-billion\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trade among EAC countries hits $10 billion\" \/>\n<meta property=\"og:description\" content=\"Intra-East African Community trade continues on an upward trajectory after hitting $10.17 billion in September 2022, acc ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/trade-among-eac-countries-hits-10-billion\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-14T09:39:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-14T10:24:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/01\/postQueueImg_1673676587.67.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/trade-among-eac-countries-hits-10-billion#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/trade-among-eac-countries-hits-10-billion\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Trade among EAC countries hits $10 billion\",\"datePublished\":\"2023-01-14T09:39:41+00:00\",\"dateModified\":\"2023-01-14T10:24:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/trade-among-eac-countries-hits-10-billion\"},\"wordCount\":584,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/trade-among-eac-countries-hits-10-billion#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/01\/postQueueImg_1673676587.67.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/trade-among-eac-countries-hits-10-billion#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/trade-among-eac-countries-hits-10-billion\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/trade-among-eac-countries-hits-10-billion\",\"name\":\"Trade among EAC countries hits $10 billion - 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