EAC exports to EU hit $2.6 billion in 2020

EAC exports to EU hit $2.6 billion in 2020

THE East African Business Council (EABC) has said exports from the East African Community to the European Union (EU) jumped to 2.6 billion US dollars in 2020 compared to 2.3 billion US dollars in the preceding year.

This was disclosed during the World Press Freedom Day 2022 when the Ambassador of the EU to Tanzania and the East African Community (EAC), Mr Manfredo Fanti paid a courtesy visit to the EABC.

During his visit to the EABC, Mr Fanti discussed the state of trade in the EAC and strategies to boost business and investment ties with European Union.

“The predictable, legal and administrative frameworks will lure more European investors into the EAC bloc,” he said.

On his part, Mr John Bosco Kalisa, EABC Chief Executive Officer (CEO) said EABC is committed to deepening trade integration and creating prosperity for East Africa by eliminating Non-Tariff Barriers (NTBs) to cross border business.

Mr Kalisa said in 2020, EU exports to the EAC stood at 4.5 billion US dollars while exports were 2.6 billion US dollars compared to 2.3 billion US dollars in 2019 while imports stood at 4.29 billion US dollars.

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, pharmaceuticals 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 (DRC) joining the EAC will boost the industrialisation 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.

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Author: DAILY NEWS Reporter

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