Nairobi, Kenya (PANA) – East African Community (EAC) leaders took steps Friday to boost regional trade, which hit US$5.8 billion in 2013, with the signing of a new treaty to expand the mandate of a court to resolve disputes arising from trade and investment within its five member states.
The East African leaders resolved to push forward regional trade by investing in energy, roads and telecommunication systems, setting the motion for the harmonization of all telephone call charges within the East African region by July 2015 and launching a video conferencing initiative.
The launch of the video conferencing technology by the leaders aims to cut the cost of conducting meetings by 30% from the current US$12 million, spent every year on some 800 meetings held between the EAC Secretariat and its member states.
“We have agreed to boost technical and financial services,” said President Jakaya Kikwete of Tanzania, who assumed the rotational Chairmanship of the EAC.
“Trade is the lifeline of our integration agenda,” Kikwete said, emphasizing the need for the five states, Burundi, Kenya, Uganda, Tanzania and Uganda, to speedily ratify the agreement on setting up a monetary union, meant to create an East African single currency.
President Kikwete said the measures under implementation would make the EAC the most vibrant regional body in Africa.
The East African leaders hailed the impact of trade and regional integration on their local economies, saying 35% of government revenue was obtained from customs, a result of enhanced regional trade brought about by regional integration.
Intra-EAC trade grew from US$ 3.5 billion in 2009 to about US$ 5.8 billion in 2013. Kenyan President Uhuru Kenyatta said the region had potential for higher volumes of trade across the borders.
The East African leaders praised the business community for embracing the opportunities which come with integration and encouraged them to make greater use of the larger regional market.
“This will create more wealth and deliver more jobs for our young population,” Kenyatta said.
