The East African Community (EAC) is a regional intergovernmental organization that was formed in 2001 with the aim of promoting economic integration and cooperation among its member states. The EAC member states include Burundi, Kenya, Rwanda, South Sudan, Tanzania, and Uganda. One of the main achievements of the EAC is the establishment of the EAC Trade Agreement, which aims to facilitate trade and investment among member states.
The EAC Trade Agreement was signed in Dar es Salaam, Tanzania in November 2009, and it came into effect in January 2010. The agreement provides for the elimination of tariffs on goods traded within the EAC member states. This has led to increased trade within the region, as it reduces the cost of doing business and makes it easier for manufacturers and traders to access new markets.
The EAC Trade Agreement also provides for the harmonization of standards and regulations among member states, which makes it easier for businesses to comply with regulatory requirements. This helps to reduce the cost of doing business and enhances the competitiveness of the region as a whole.
In addition to the elimination of tariffs and the harmonization of standards, the EAC Trade Agreement also provides for the free movement of goods and services within the region. This allows businesses to access new markets and customers, and it also helps to reduce the cost of doing business. The agreement also provides for the protection of intellectual property rights, which is essential for promoting innovation and creativity within the region.
Overall, the EAC Trade Agreement has been a significant achievement for the East African Community. It has helped to promote economic integration and cooperation among member states, which has led to increased trade and investment within the region. As the EAC continues to grow and develop, the trade agreement will play an essential role in facilitating economic growth and development in the region.