The European Union (EU) and the East African Community (EAC) member states, including Tanzania, Kenya, Rwanda, Burundi, Uganda, and South Sudan, have been negotiating a new Economic Partnership Agreement (EPA) for trade and development. This agreement is known as the EU-EAC EPA and is aimed at deepening the economic integration between the EU and East African countries.
The EU-EAC EPA is expected to improve the trade relations between the EU and EAC region and enhance the economic growth of the EAC member states. The agreement will provide tariff-free access to the EU market for all EAC exports, except for arms and ammunitions. Additionally, the agreement promotes the development of regional markets and promotes trade in services, which is expected to increase investment in the region.
The EU-EAC EPA focuses on several priority areas such as trade in goods, services, investment, intellectual property rights, competition, and government procurement. The agreement will also support the EAC countries in ensuring that their trade policies and practices promote sustainable development objectives such as environmental protection, human rights, and labor standards.
Moreover, the EU-EAC EPA will provide a framework for cooperation in the areas of investment, regional infrastructure, and capacity building. It will also enable the EAC countries to participate in the global value chains, which will enhance their competitiveness and promote economic growth.
The EU-EAC EPA is expected to have significant benefits for both EU and EAC member countries. For the EU, the agreement will provide a new market for goods and services, while for the EAC member states, it will promote the development of the private sector, increase regional integration, and enhance their export capabilities.
In conclusion, the agreement between the EU and EAC member states is a significant milestone towards deepening the economic integration between the two regions. The EU-EAC EPA will provide a framework for cooperation in various priority areas, which will not only promote trade but also support sustainable development in the region. This agreement will create new opportunities for business and investment, and ultimately, contribute to the economic growth of both regions.