You probably have noticed the TradeMark East Africa / EAC billboards all over town and media adverts announcing the onset of regional integration in terms of ease of trade and opportunities.
Two months ago on the 1st of July the 5 year implementation plan of the EAC Common Market Protocol that was signed in 2010 by all EAC member state heads came into effect.
What it means.
The EAC Common Market has the following core elements which are now effective. Free trade and movement of goods of member state origin: These are goods wholly produced in the region mostly agricultural produce,livestock products,fish,horticulture,crafts etc.
Products like sugar are still a contentious issue,as some countries have not yet eliminated non-tariff barriers in a bid to protect the industry and small holder farmers.
Free trade in services across member states.
Freedom of movement of capital within member states.
Freedom of movement of labour and the right of establishment and residence in all member states.
How it benefits you.
- It has opened up a large single market of over 130million people.
- Free movement of goods and especially Agricultural produce and food is contributing towards the enhancing of food security in the region.
- It provides the best opportunity for building value chains within the region.
- Competitiveness will lower prices and enhance efficiency in the longrun.
Take advantage of the Common market integration by building regional networks,through trade fairs,expos and online forums like ypard.net for agribusiness information and eafreighthub.com for regional freight and customs procedures including transportation rates of goods across the region.