In a collaborative effort to enhance trade and investment cooperation, members of the East African Community (EAC) have committed to fostering competition in the global market. The agreement emerged during the Meeting of the Sectoral Council on Trade, Industry, Finance, and Investment (SCTIFI) held in Arusha.
Deputy Minister of Industry and Trade, Mr. Exaud Kigahe, highlighted the key outcomes, emphasizing the removal of trade barriers, both tax and non-tax, and infrastructure improvements in border areas. These measures aim to bolster the private sector, a vital player in the EAC economy.
“We are dedicated to ensuring fair business practices through the Fair Competition Commission (FCC), guaranteeing that businesses operate freely and fairly. Quality assurance, facilitated by the Tanzania Bureau of Standards (TBS), is also crucial to maintain high standards in all EAC products,” stated Mr. Kigahe.
Anticipating increased exports in the 2024/2025 fiscal year, Mr. Kigahe attributed the optimistic outlook to substantial investments in the agricultural sector, expected to boost crop production.
Chairman of the meeting and South Sudan Minister for Trade and Industry, Mr. William Anyuon Kuol, emphasized prioritizing the private sector, urging support for entrepreneurs, both small and large, in the realms of industry and investment.
The 43rd Sectoral Council deliberated on various topics, including a regional assessment of the Single Customs Territory, progress in sharing electronic certificates of origin, and the status of the electronic cargo tracking system. The decisions reached during the meeting will be forwarded to the heads of state of the East African Community for further consideration.
Representatives from Tanzania, Kenya, Uganda, Rwanda, Burundi, DRC Congo, and South Sudan attended the meeting, led by South Sudan as the Chairman. The Tanzanian delegation included representatives from the Ministry of Finance, Ministry of Industry and Trade, Ministry of Foreign Affairs and East African Cooperation, Tanzania Investment Centre (TIC), Tanzania Trade Development Authority (TANTRADE), Tanzania Revenue Authority (TRA), TBS, and FCC.