Monday, 15th October 2024,– The EABC CEOs-EAC Secretary General Meeting in Rwanda held on 11th November 2024, has declared a commitment to boost intra-EAC trade to 40% by 2030 and Rwanda trade and investment ties with counterparts.
The meeting, held under the theme “Enhancing Competitiveness in the EAC: Addressing Barriers and Leveraging Opportunities in Regional Integration,” was organized by the East African Business Council (EABC) in partnership with the Private Sector Federation – Rwanda (PSF-R) and the East African Community (EAC).
In her address, H.E. Veronica Nduva, EAC Secretary General, highlighted that the EAC Heads of State have set an ambitious and achievable target to increase intra-EAC trade from 15% to 40% by 2030. She urged the private sector to promote the EAC as a unified trade bloc, emphasizing that regional benefits outweigh national interests, with the EAC’s market of 312 million being far larger than individual national markets.
Hon. Gen (Rtd) James Kabarebe, Minister of State for Foreign Affairs in charge of Regional Cooperation, Rwanda, reiterated the commitment of EAC Heads of State to the integration agenda. He pledged to secure the progress made and to address the setbacks to intra-EAC trade and investments.
Mr. Dennis Karera, Vice Chairperson of EABC, stated that this meeting of the private sector, EAC Secretary General, the Minister of Trade and Industry, and the Minister of State for Foreign Affairs in charge of Regional Cooperation has resulted in a declaration outlining practical recommendations to move from rhetoric to action. “Our shared goal is to increase intra-EAC trade and strengthen Rwanda’s trade and investment ties with other EAC Partner States,” he said.
Hon. Prudence Sebahizi, Minister of Trade and Industry, Rwanda, reiterated the government’s commitment to partnering with the private sector in driving EAC integration. He emphasized the need to improve production and exports to meet regional, continental, and international market demands of goods and services.
In 2023, the total global merchandise trade by the EAC grew by 2.37%, reaching over US$80 billion, with intra-EAC trade growing by 13.1% to US$12.1 billion. Rwanda’s total trade grew by 20.3%, demonstrating the positive impact of ongoing reforms aimed at streamlining trade and improving market access.
This year the EAC is marking 25 years. The EAC has introduced several initiatives, including the e-Tariff toolkit and trade information portals, which provide the private sector with access to tariff structures and step-by-step guides on licenses, permits, and procedures for goods moving in and out of the region. Furthermore, the EAC has harmonized over 1,920 product standards across 80 sectors. The EAC’s Industrialization Policy aims to increase the manufacturing sector’s contribution to GDP from 8.9% to 25% by 2032.
H.E. Veronica Nduva praised the Government of Rwanda, under the leadership of H.E. President Paul Kagame, for hosting the second edition of the Biashara Africa AfCFTA Business Forum in Kigali. Under President Kagame’s patronage, the establishment of the world’s largest free trade area, the AfCFTA, began in March 2018 with the signing of the agreement in Kigali.
The Secretary General noted that AfCFTA presents opportunities for EAC Partner States to leverage the continental market, build regional industrial value chains, and increase intra-Africa trade.
