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EAC
Kenya could lose heavily if Economic Partnership Agreements (EPAs) are not signed, Musa Sirma, East African Community (EAC) minister said.
Plans to create an African free trade area (FTA) by integrating three existing African trade blocs consisting of 26 countries by July 2014 are gaining momentum. The aim is to create a free market of 525 million people with an output of US$1 trillion making it a global player.
The East African Legislative Assembly has warned that the region stands to lose if it is not careful with Economic Partnership Agreement negotiations with the European Union.
Plans to create a 26-nation free trade area by integrating three existing African trade blocs by July 2014 are on track and the only major sticking point is likely to be harmonising rules of origin, the three blocs said on Friday.
Regional countries should not rush to seal the EAC-EU trade deals, known as the Economic Partnership Agreements (EPAs), a cabinet minister has said.
East African Community legislators and civil society organisations have urged the European Commission to desist from making unrealistic deadlines in trade negotiations; rather, negotiations should be driven by content rather than time frames.
East African governments are negotiating for Economic Partnership Agreements (EPAs) with the European Union (EU). The EPAs are free trade agreements based on the principle of reciprocity. They require Africa to open up its borders to duty and tariff-free goods and services from Europe. But numerous studies posit that this unequal partnership will have disastrous consequences on African citizens.
Revelations that Kenyan flowers will be subjected to 16 per cent duty should Kenya fail to ratify Economic Partnership Agreements (EPAs) by June raises concern about their role in boosting trade on the continent.
A bid by European parliament to impose a deadline for reaching a binding trade pact with East Africa is driving a wedge between the Government and exporters who feel the matter is not being addressed urgently enough.
The East African Community (EAC), Secretary General Dr. Richard Sezibera has said that the region is committed to succeed in the negotiations of the Economic Partnership Agreement (EPA).
