EAC exports to the European Union hit USD 2.6 billion in 2020
Tuesday, 3rd May 2022, Arusha, Tanzania: Alongside the World Press Freedom Day 2022, H.E. Manfredo Fanti, Ambassador of the European Union (EU) to Tanzania and the East African Community (EAC) paid a courtesy visit to the East African Business Council and discussed the state of trade in the EAC and strategies to boost business and investment ties with European Union.
H.E. Manfredo Fanti said that predictable, legal and administrative frameworks will lure more European investors into the EAC bloc.
On his part, Mr. John Bosco Kalisa, EABC CEO said “EABC is committed to deepening trade integration and creating prosperity for East African by eliminating Non-Tariff Barriers to cross border business.”
Mr. Kalisa said in 2020, EU exports to the EAC stood at USD 4.5 billion while imports were USD 2.6 billion. In 2019, EAC exports to the EU stood at USD 2.3 billion while imports at USD 4.29 billion.
He called for the promotion of value addition and industrialization to increase the bloc’s exports to the EU.
EAC’s top exports to the EU include coffee, tea, flowers, tobacco, vegetable and fish while imports are machinery, electrical equipment, pharmaceutical and vehicles.
Mr. Kalisa said that intra-EAC trade has exhibited resilience amid COVID-19 and new global dynamics of conflict and climate change. He expounded that the Democratic Republic of Congo joining the EAC will boost the industrialization base of the region.
Other areas of priorities discussed include capacity building of trade facilitation agencies, digitalization of customs, evidence-based research, Market Access Upgrade Programme (MARKUP), and technical and financial support to the private sector associations.