This archive report was first published on 11 December 2019.
East Africa's economic growth is largely dependent on the successful implementation of regional integration policies, according to the East African Business Council.
Speaking at the 20th anniversary of the East African Community, Nicholas Nesbitt, the council's chairman, emphasized the need for private sector players to reflect on their progress in regional integration.
With an economic growth rate of 5.7 percent in 2018, the East African Community is one of the continent's fastest-growing regional blocs.
"The private sector should be a key partner in the integration process, providing the agenda for economic and social integration," Mr. Nesbitt said, adding that both partner states and the private sector should expedite the domestication and implementation of harmonized policies.
While progress has been made in improving the movement of goods and people, intra-EAC trade volumes remain low at 12 percent, with the potential to grow at between five and 10 percent annually.
Mr. Nesbitt attributed the slow growth to the prevalence of non-trade barriers, including prolonged clearance procedures, delays at ports of entry and exit, and non-recognition of EAC certificates of origin.
He recommended value chain collaboration between manufacturers to exploit each country's competitive advantage and eliminate protectionism at the national level.
