PRESS RELEASE
FOR IMMEDIATE RELEASE
The East
African Private sector discusses their contribution to the AfCFTA
·
EABC charts out ways to
leverage on the AfCFTA
Arusha, 25 April 2019-
(ECA) – The African Continental Free Trade Area isn't simply a 'Free Trade
Agreement' it's about establishing a unified continental market with 1.2
billion potential customers and where the private sector is a major engine to
make it happen.
This
was the tone from the discussions of the meeting held on Thursday in Arusha
about how the East African Private sector including Small and Medium
Enterprises (SMEs) could benefit from the AfCFTA.
The
one-day meeting, organized jointly between the East African Business Council
(EABC) and the UN Economic Commission for Africa (ECA), convened close to 40
key players from the region’s private sector.
The
office for Eastern Africa of ECA estimates large potential gains from the
AfCFTA, including an increase in intra-African exports of Eastern Africa by
nearly US$ 1 billion and job creation of 0.5 to 1.9 million.
"Together
African economies have a collective GDP of 2.5 trillion USD, making it the 8th
largest economy in the world. That makes the continent much more attractive to
investment, both from within and from outside the continent", said Andrew
Mold, Acting Director of ECA in Eastern Africa. "This should encourage
business people to take advantage of AfCFTA and make the investments necessary
to sustain economic growth and create employment".
Nick
Nesbitt, Chairman of EABC, emphasized the importance of the continent having a
clear vision to put an end to the fragmentation of the internal market. "I
really applaud everybody who has involved in creating the AfCFTA because their
vision is the one of pan-Africanism. It is something our founding founders
aspired to. Our thanks to ECA for being at forefront of this conversation and
pushing the agenda forward so that the continent becomes a single economic
trading bloc", he said.
Kenneth
Bagamuhunda, Director General of Customs and Trade at the East African
Community Secretariat, cited the experience of Regional Economic Communities as
the building blocks for the AfCFTA. "The AfCFTA should build on what has
already been achieved in regional negotiations like the Tripartite Free Trade
Area, as well as within our respective regional blocks" he said.
Bagamuhunda
highlighted governments need to set a conducive environment for the successful
implementation of AfCFTA.
The
AfCFTA was signed in March 2018, at a historic meeting of the African Union in
Kigali. 52 of 55 African Union member states have so far signed the AfCFTA, 22
countries that have ratified the agreement, which was the minimum number
required for it to enter into force.
Notes:
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About
UNECA
The
UN Economic Commission for Africa is made up of 54 African member States and
plays a dual role as a regional arm of the UN and as a key component of the
African institutional landscape. ECA provides technical advisory services to
African governments, intergovernmental organizations and institutions.
Its
Sub-Regional Office for Eastern Africa (SRO-EA) covers the following countries: Burundi, Comoros, Democratic Republic of Congo,
Djibouti, Ethiopia, Eritrea, Kenya, Madagascar, Rwanda, Seychelles, Somalia,
South Sudan, Tanzania and Uganda.
SRO-EA
also serves two Regional Economic Communities (RECs): East African Community
(EAC) and Intergovernmental
Authority on Development (IGAD); and three intergovernmental
Organisations (IGOs): Indian Ocean Commission (IOC); the
Economic Community of the Great Lakes Countries (CEPGL); and the
International Conference on the Great Lakes Region (ICGLR).
About EABC
The East
African Business Council (EABC) is the regional apex body of Private Sector
associations and Corporates from the 6 East African Countries. It was
established in 1997 to foster the interests of the Private Sector in the
Integration process of the East African Community. Being
the representative of Private Sector associations in the region, EABC was
granted observer status in organs and activities of the East African Community
(EAC). EABC, therefore, participates in various sectoral meetings, meetings of
the Coordination Committee, the EAC Council of Ministers, and the Summit of the
EAC Heads of State; with a view to ensure that the agenda of the Private Sector
is well articulated and received by the policymakers.
Vision:
Borderless
East Africa for business and investment.
Mission:
To
promote sustainable Private Sector-driven growth.
EABC
Membership is drawn from the six East African Partner States and is open to all
national and regional associations as well as Corporates with interest in the
EAC Integration process or operations in the region. At the national level,
EABC activities are coordinated through the EABC National Focal Points, who are
also the national Private Sector umbrella bodies. These are Federal Chamber of
Commerce and Industries Burundi (CFCIB), Kenya Private Sector Alliance (KEPSA),
Rwanda Private Sector Federation (PSF), Tanzania Private Sector Foundation
(TPSF) and Private Sector Foundation Uganda (PSFU). For more information
about EABC, visit www.eabc.info.
With
Kind Regards,
Patrick
Moshi|
Communication PR Advocacy|East African Business
Council (EABC)
Ninth
Floor, Mafao
House | Old Moshi Road | Arusha | Tanzania
P.
O. Box 2617 | Tel: +255 27 2520162 | +255 27 2520163 | Cell+255 758 489761
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