Regional Business Council charts priority areas for the new EAC SG Dr Mathuki
The East African Industry Captains have convened in Arusha, Tanzania at Mt. Meru Hotel, to chart out regional policy priorities geared to spur intra-EAC trade to over 30%. “As the industry leaders we have analyzed key trade and investment barriers, delaying East African businesses to take full advantage of the EAC Customs Union and Common Market, said Mr.
The East African Industry Captains have convened in Arusha, Tanzania at Mt. Meru Hotel, to chart out regional policy priorities geared to spur intra-EAC trade to over 30%.
The regional policy priorities were presented to the EAC Secretary General Dr. Peter Mathuki who assumed office on 23rd April 2021, in a bid to inform his vision of transforming the EAC into a prosperous, inclusive, trade and investment bloc.
“As the industry leaders we have analyzed key trade and investment barriers, delaying East African businesses to take full advantage of the EAC Customs Union and Common Market, said Mr. John Bosco Rusagara representing EABC Chairman Mr. Nick Nesbitt at the meeting.
Finalization of the comprehensive review of the EAC Common External Tariff (CET) to boost industrialization and regional value chains; the quick elimination of Non-Tariff Barriers and operationalization of the Committee on Trade Remedies to handle trade disputes, Implementation of the Standardization Accreditation and Conformity Assessment (SACA) Bill, 2017; and finalization of the Regulations on Free Movement of Services and Service Suppliers are among the top agenda.
In its document dubbed the East African Legislative community noted that non-tariff barriers within the Partner States shall be eliminated using mutual agreement of the concerned Partner States and the implementation of the East African Community Time Bound Programme for Elimination of Identified Non-Tariff Barriers and laws, regulations, directives, decisions or recommendations of the Council.
The business leaders have also urged the EAC Secretariat to mainstream and progressively harmonize domestic taxes such as excise duty, Value Added Tax (VAT) and Income Tax.
Domestication of EAC Air Space by according national treatment to EAC national air operators, passengers and cargo will reduce air ticket cost hence attract more tourists into the region plus boost consolidation and exports of fresh horticultural and fish.
“The COVID-19 pandemic has disrupted global, regional value chains and cross border business operations, this calls for the need of harmonization of measures and regional coordinated approach on handling COVID-19 shall boost economic resilience and growth of the EAC bloc,” said Mr. John Bosco Rusagara EABC Director.
The East Africa private sector will present the regional priority issues during the upcoming Evening Gala Dinner with EAC Secretary General under the themed” Deepening collaboration between the EAC and the Private Sector”
Among the key dignitaries expected at the Evening Gala Dinner include the Chair of the EAC Council of Ministers, Mr. Cosmas Kimario, Managing Director, KCB -TZ and Dr. Peter Mutuku Mathuki, the new EAC Secretary General.
The New SG, Dr Mathuki, noted that highlighted some of his priorities for the next five years including: pushing for the implementation of liberalization of trade-in services; open skies; harmonization of domestic taxes and standards, and; the adoption of the EAC One Network Area (ONA) by all Partner States to reduce the high cost of telecommunications in the region as well as the finalization of the comprehensive review of the EAC Common External Tariff (CET) and its uniform application in the bloc.
Dr. Mathuki further promised to go the extra mile to improve the working relationship between policy makers and the business community through Public-Private sector dialogue initiatives.
“I firmly believe that an enhanced conducive regional business policy environment that takes into account proposals and recommendations from business and private sector will build confidence in the region as an attractive investment destination and trade hub,” he said.
“I am cognizant of the very heavy responsibilities inherent in this appointment. I will remain dedicated, diligent and trustworthy so as to ensure we achieve tangible results for the betterment of the livelihoods of our people in East Africa,” said Dr. Mathuki.
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