Africa-Press – Uganda. The East African Business Council (EABC) and the African Export-Import Bank (Afreximbank) have entered a partnership in which the two entities will foster intra-African trade and regional integration.
The partnership will mainly focus on raising awareness about the African Continental Free Trade Area (AfCFTA) and maximising opportunities.
In a statement early this week, EABC said the partnership, supported by a $178,530 (Shs665m) grant from Afreximbank, will promote implementation of AfCFTA by strengthening private sector capacity, enhance trade facilitation and unlock new opportunities.
Mr John Bosco Kalisa, the EABC chief executive officer, said East Africa has shown resilience despite Covid-19 and the Russia-Ukraine war, urging governments across the region to continue improving the business environment to support innovation and drive integration and prosperity in Africa.
EABC and Afreximbank are currently engaged in sensitisation workshops through which they seek to raise awareness among small and medium enterprises and women in business aboutthe importance of AfCFTA protocols.
The workshops focus on trade facilitation procedures and strategies to access markets effectively under the AfCFTA.
Ms Pheona Wall, the EABC board member, said systemic barriers continue to hinder participation of women and youth in policy formulation despite composing 50 percent of Africa’s population. EABC has been rallying the private sector to take advantage of AfCFTA.
Mr Richard Okot Okeello, the Ministry of Trade assistant commissioner, technological research and innovation, said: “Trade drives socio-economic growth, and AfCFTA will open markets for goods and services among African countries,” noting that intra-Africa trade continues to be low at 15 percent compared to other regions.
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