{"id":18983,"date":"2023-01-29T08:00:32","date_gmt":"2023-01-29T07:00:32","guid":{"rendered":"https:\/\/ecomnewsafrique.com\/?post_type=news&#038;p=18983"},"modified":"2023-01-27T16:50:06","modified_gmt":"2023-01-27T15:50:06","slug":"africa-trade-within-the-east-african-community-eac-reached-10-17-billion-in-september-2022","status":"publish","type":"news","link":"https:\/\/ecomnewsafrique.com\/en\/2023\/01\/29\/africa-trade-within-the-east-african-community-eac-reached-10-17-billion-in-september-2022\/","title":{"rendered":"Africa: Trade within the East African Community (EAC) reached $10.17 billion in September 2022"},"content":"\n  \n    \n      \nTrade within the East African Community (EAC) reached $10.17 billion in September 2022. The information comes from an EAC press release on Thursday January 12 on its website.\n\n    \n  \n\n\n  \n    \n      \nAccording to the organisation&#8217;s Secretary General, Peter Mathuki, this increase is mainly due to &#8220;the political goodwill of the members of the EAC Heads of State Summit and the easing of Covid-19 restrictions in the region&#8221;. Among the policy measures, the briefing note indicates the elimination of many non-tariff barriers (NTBs) that hampered intra-regional trade.\n\n    \n  \n\n\n  \n    \n      \n\u201c257 non-tariff barriers have been eliminated cumulatively since 2007. This goes hand in hand with the bloc&#8217;s objective of increasing intra-regional trade volumes [\u2026] Since July 1, 2022, imports of products available locally in region, such as meat, furniture and textiles, are subject to a 35% tariff. This measure aims to promote local production, the creation of added value and industrialization,\u201d the official explained.\n\n    \n  \n\n\n  \n    \n      \nThe Community has also adopted a common external tariff (TEC) of 35% applicable to all products imported from the region. Moreover, still with the aim of further boosting intra-regional trade, the EAC official revealed that the bloc will have a single currency within the next four years. A decision of the Council of Ministers is also expected to this effect, as to the &#8220;location of the East African Monetary Institute, precursor of the East African Central Bank which will issue the single currency&#8221;.\n\n    \n  \n\n\n  \n    \n      \nThe trade performance of the EAC, for this year 2022, represents a share of 20% of intra-trade in world trade. The zone&#8217;s trade curve has been on an upward trajectory since at least 2019. In that year, import-export in the seven EAC partner states reached a value of $7.1 billion, or 13% of intra-trade in global trade, before increasing to 15% in 2021 for a value of $9.5 billion.\n\n    \n  \n\n\n  \n    \n      \nUnder its regional integration policy, Dr. Mathuki indicated that Somalia&#8217;s membership of the Community was under consideration. According to the official, &#8220;the long route of the Indian Ocean and the Red Sea, which connects Africa to the Arabian Peninsula&#8221; is a dynamic economic zone which &#8220;will bring immense benefits to the EAC&#8221;.\n\n    \n  \n\n\n  \n    \n      \n&#8220;The exploitation of Somalia&#8217;s blue economy resources, such as fish, and the expanse of its coastline are also expected to boost the regional economy,&#8221; he said.\n\n    \n  \n\n","author":15,"featured_media":17142,"comment_status":"open","ping_status":"closed","template":"","tags":[699,736],"location":[505],"class_list":["post-18983","news","type-news","status-publish","has-post-thumbnail","hentry","tag-economy","tag-trade","location-africa"],"short_url":"https:\/\/bit.ly\/3JjFNCw","have_related_news":"done","chapo":"The authorities of the EAC zone are stepping up measures and reforms with a view to further strengthening the commercial dynamism of the region. These reforms are proving effective and intra-regional trade has been on the rise for at least three consecutive years.<br \/>\r\n","media":{"src":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/07\/Capture-de\u0301cran-2022-07-28-a\u0300-18.02.48-550x360.png","srcset":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/07\/Capture-de\u0301cran-2022-07-28-a\u0300-18.02.48-550x360.png 550w","sizes":"550px","alt":"","width":550,"height":360,"ratio":0.58,"credit_photo":""},"media-news-header":{"src":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/07\/Capture-de\u0301cran-2022-07-28-a\u0300-18.02.48-1141x658.png","srcset":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/07\/Capture-de\u0301cran-2022-07-28-a\u0300-18.02.48-1141x658.png 1170w","sizes":"1170px","alt":"","width":1170,"height":658,"ratio":0.58,"credit_photo":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Africa: Trade within the East African Community (EAC) reached $10.17 billion in September 2022 - Ecomnews Afrique<\/title>\n<meta name=\"description\" content=\"Trade within the East African Community (EAC) reached $10.17 billion in September 2022. 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