East African Business Council
  • Menu Canvas
    • HOME
    • ABOUT
      • WHO WE ARE
      • OUR TEAM
        • BOARD MEMBERS
        • MANAGEMENT
      • ORGANISATION STRUCTURE
      • PUBLIC PRIVATE DIALOGUE
      • SECTORIAL DESKS
      • OUR PARTNERS
    • MEDIA
      • NEWSROOM
      • EVENTS
      • PRESS RELEASE
      • PHOTO GALLERY
    • MEMBERSHIP
      • CATEGORIES
      • BENEFITS
      • JOIN US
      • OUR MEMBERS
        • ELITE MEMBERS
        • OTHER MEMBERS
    • RESOURCES
      • POLICY ADVOCACY
      • PUBLICATIONS
      • REPORTS
      • WEBINARS
      • DOWNLOADS
    • OPPORTUNITIES
      • VACANCIES
      • TENDERS
    • CONTACT US
    • COVID19
    • SEARCH
  • COVID-19COVID - 19
  •  |  Submit Policy Issues
  • director@eabc-online.com
  • +255 27 2520163
  • Burundi
  • DRC
  • Kenya
  • Rwanda
  • South Sudan
  • Tanzania
  • Uganda
 
East African Business Council
  • HOME
  • ABOUT
    • WHO WE ARE
    • OUR TEAM
      • BOARD MEMBERS
      • MANAGEMENT
    • ORGANISATION STRUCTURE
    • PUBLIC PRIVATE DIALOGUE
    • SECTORIAL DESKS
    • OUR PARTNERS
  • MEDIA
    • NEWSROOM
    • EVENTS
    • PRESS RELEASE
    • PHOTO GALLERY
  • MEMBERSHIP
    • CATEGORIES
    • BENEFITS
    • JOIN US
    • OUR MEMBERS
      • ELITE MEMBERS
      • OTHER MEMBERS
  • RESOURCES
    • POLICY ADVOCACY
    • PUBLICATIONS
    • REPORTS
    • WEBINARS
    • DOWNLOADS
  • OPPORTUNITIES
    • VACANCIES
    • TENDERS
  • CONTACT US
  • COVID19
  • SEARCH

EABC- AFREXIMBANK WEBINAR ON INTRA- AFRICA TRADE AND INVESTMENT

EABC
October 24, 2022
Highlights, News
  • Afreximbak boosts access to finance and eases cross-border payments in light of African Continental Free Trade Area

Friday, 21st October, 2022 Arusha, Tanzania: Speaking at the Webinar on Intra Africa Trade and Investment organized by Afreximbank and East African Business Council, Mr. John Bosco Kalisa, EABC Chief Executive Officer said the Africa We Want should be driven by the private sector.

Mr. Kalisa elaborated that the webinar will delve into innovative products from Afreximbak set to boost access to finance and cross-border payments under the African Continental Free Trade Area (AfCFTA). He explained that intra-Africa trade is set back as 80% of SMEs in Africa cannot access trade finance and over USD. 5 billion is lost due to currency convertibility during transactions in Africa.

Dr. Gainmore Zanamwe, Head, Intra-African Trade Bank (Trade Facilitation and IATF) Afreximbank lauded the public-private partnership in the EAC region that should be replicated across the continent.  Dr. Zanamwe called for deliberate actions to boost intra-Africa trade from 16% to higher levels through industrialization, and regional value chains in order to create jobs.

He said the African continent should diversify trade from overdependence on commodities to value-added products.

Mr. Sebabu Bosco, Deputy Head of Pan-African Payment and Settlement System (PAPSS) said in partnership with the Central Banks Afreximbank piloted the Pan-African Payment and Settlement System in the West African Monetary Zone supporting settlement finality of USD.500 million. He stated successful implementation of AfCFTA requires an integrated continental-wide payment infrastructure as the current payment infrastructures result in trade diversion and over-dependence on foreign currencies to the detriment of African currencies. He stated that PAPSS supports the settlement finality of USD. 3 billion at the continental level.

In his contribution to the discussions, Dr. Vimal Shah, EABC Chairperson Emeritus stated recommended for integration of Fintech in Pan African Payment Systems Africa to ease and reduce the cost of doing business transactions across the continent.

Ms. Matimba Changala, Manager – Intra-African Trade Bank, Afreximbank said the EABC and Afreximbank launched the African Trade and Investment Council to support businesses and countries to trade across Africa in light of the AfCFTA opportunities.  The African Trade and Investment Council is set to increase intelligence about African markets, business partnerships and intra-African investments.

The upcoming Zanzibar Trade and Investment Forum slated on 30th of November 2022 is one of the planned activities under the African Trade and Investment Council.

Ms. Lizanne Case, Senior Manager- Trade Intelligence Solutions, Office of the President, Afreximbank said TRADAR is a digital platform that provides a central source of regulation and requirements on trade in goods, services and investment across Africa and is set to reduce information asymmetry and boost the continent’s economic growth.

Ms. Emily Mburu, Director Trade-in-Services, Investment, Intellectual Property Rights, Digital Trade, AfCFTA Secretariat said 88.2% of AfCFTA Rules of Origin have been agreed upon. Under the AfCFTA Protocol on Trade in Goods 48 provisional schedules of tariff, offers have been agreed and 31 offers from EAC, ECOWAS, Mauritania, CEMA, Algeria, DRC, Egypt, Madagascar, Malawi, Mauritius, Seychelles, Tunisia and Zambia comply with modalities of negotiations.  Trade remedies issues are outstanding.

She elaborated that 48 Trade in Service offers have been submitted in the priority sectors of Transport, Business, Tourism and Communication of which 22 comply with modalities of negotiations. She elaborated that AfCFTA Secretariat is also keen to roll out Guided Trade in Services Initiative.

The Draft Protocols on AfCFTA Phase II negotiations on Investment, Competition Policy and Intellectual Property Rights have been drafted and are set to be presented for approval by the Council of Ministers Meeting slated for 27th October 2022 in Gabon.

In his closing remarks, Mr. Dennis Karera, EABC Vice Chair & EATIC Focal Point called for the structured engagement for private sector with the AfCFTA Secretariat in Ghana through Regional Business Councils to ensure private sector proposals on AfCFTA negotiations are taken on board to bolster intra-Africa trade, investment economic growth and prosperity.

Previous Story
EQUITY BANK DIGITAL TRADE MISSION UNFOLDS TANZANIA AGRICULTURAL OPPORTUNITIES
Next Story
EABC CALLS FOR SET UP OF CONSOLIDATION CENTRES TO BOOST EXPORT OF FRESH PRODUCE FROM THE EAC BLOC

EABC ON TWITTER

Tweets by EABCjumuiya

EABC YOUTUBE CHANEL



MOST POPULAR

  • 35% MAXIMUM COMMON EXTERNAL TARIFF RATE SET TO BOOST INTRA-EAC TRADE BY USD 18.9 MILLION
  • EAC PRIVATE SECTOR EXPECTATIONS FOR THE UPCOMING HEADS OF STATE SUMMIT
  • EABC CONGRATULATES THE PRESIDENT OF THE UNITED REPUBLIC OF TANZANIA, HER EXCELLENCY SAMIA SULUHU HASSAN
  • East African Community set to support tourism sector through the EAC Tourism Recovery Plan
  • INTRA-EAC TRADE DROP BY 5.5% IN 2020 DUE TO COVID-19

UPCOMING EVENTS

  1. CEO RoundTable on UN International Day of Zero Waste

    March 29 @ 8:00 am - March 30 @ 5:00 pm UTC+3

View All Events

REPORTS

  • UGANDA READY TO TRADE UNDER AfCFTA GUIDED TRADE INITIATIVE
  • EABC VICE CHAIRMAN PRESENTS PRIVATE SECTOR CONTINENTAL PRIORITIES TO AFCFTA SECRETARY GENERAL, H.E WAMKELE MENE
  • EABC APPLAUDS PRESIDENT SAMIA SULUHU HASSAN FOR DONATING AND HANDING OVER LAND TO EAST AFRICAN BUSINESS COUNCIL
  • 2ND AFRICAN BUSINESS WOMEN AND YOUTH TRADE FAIR AND SUMMIT KICKS OFF IN ARUSHA

CONTACT INFO

  •   East African Business Council
          Ninth Floor, Mafao House
          Old Moshi Road.
          P.O. BOX 2617
          Arusha ,Tanzania

  •   director@eabc-online.com or       admin@eabc-online.com

  •   +255 27 2520162 or
           +255 27 2520163

QUICK GUIDE

  • Studying in the EAC
  • Working in the EAC
  • Investing in the EAC
  • Travelling within East Africa
  • EAC Reports Database
  • Overview of the EAC
  • Key Documents

USEFUL LINKS

  • Federal Chamber of Commerce & Industry, Burundi (CFCIB)
  • Kenya Private Sector Alliance (KEPSA)
  • Private Sector Federation Rwanda (PSF)
  • Private Sector Foundation Uganda (PSFU)
  • South Sudan Chamber of Commerce, Industry & Agriculture (SSCCIA)
  • Tanzania Private Sector Foundation (TPSF)

EXCHANGE RATE

CurrencyRate

LET'S CONNECT

  • Contacts
  • Privacy Policy
  • Cookies Policy
  • Send Us Feedback


East African Business Council ©2023. All Rights Reserved
en English
en Englishfr Frenchsw Swahili
Search

WhatsApp us