The East African Trade Council reached a value of $10.17 billion in intra-trade during the final quarter of 2022, accounting for 20% of all intra-trade in global trade.
The East African Business Council’s Chairperson, Ms. Angelina Ngalula, expressed hope as well, adding that intra-African trade has only increased.
She stated that she believed current political goodwill will result in intra-regional commerce reaching $15 billion in 2023.
In her new year’s address at the beginning of the year, she made reference to the same political goodwill and said that the leaders of the EAC partner countries’ efforts in areas like the reduction of Non-Tariff Barriers (NTBs) were crucial to the expansion of the EAC intra-trade. From $9.5 billion in 2021 to $10.17 billion in 2022, the commerce increased dramatically.
These leaders were able to remove some Non-Tariff Barriers (NTBs) that were impeding intra-regional trade, including as the relaxing of Covid-19 limitations and the entry of the DRC Congo to the EAC.
According to data for the past three years, trade within the EAC increased by 13% in 2019 to a value of $7.1 billion, to 15% in 2021 to a value of $9.5 billion, and to $10.17 billion in 2022, representing a 20% share of intra-trade to global trade. This data accounts for imports and exports in the seven EAC Partner States.
Additionally, this information showed that in 2022, the EAC’s overall trade with the rest of the world was $62 billion.
Ms. Angelina Ngalula also revealed that the council would collaborate with the organizer of the 2023 EAC Heads of State Summit to enhance food security, strengthen the integration of regional supply chains, eliminate non-tariff barriers, restrictions on the free movement of services, double taxation, open skies, telecommunications, and infrastructure development to support business expansion across EAC borders.
Source: Business Insider Africa
