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The Director Financial Affairs, within the Ministry of Finance, Moses Kaggwa has mentioned the intra-East African Neighborhood (EAC) complete commerce grew by 13.1% to $12.1 billion in 2023, up from &10.6 billion in 2022.
The share share of the intra-EAC commerce to EAC complete commerce was 15% in 2023.
Kaggwa made the remarks in the present day (Thursday, June 27, 2024) on the EAC post-budget dialogue for the 2024/25 Monetary Yr on tax and debt at Resort Africana in Kampala on Wednesday, June 26, 2024.
He additionally mentioned the EAC companion states finalised the excellent assessment of the EAC frequent exterior tariff (CET) and agreed on a four-band construction.
He added that the implementation of the CET already commenced regarding all merchandise imported into the neighborhood.
Kaggwa mentioned the EAC is now engaged on the finalization of the EAC assembling and manufacturing of merchandise laws to advertise using native uncooked supplies and items manufactured in the neighborhood.
The East African Neighborhood (EAC) is devoted to enhancing financial effectivity and fostering regional integration via strategic investments and the utilization of established industries.
The objective is to place the Neighborhood as a single funding space, harmonizing commerce insurance policies, funding incentives, and product requirements.
EAC Accomplice States prioritise regional commerce integration as a cornerstone of their commerce insurance policies.
This includes strengthening each public establishments and personal sector organizations engaged in export promotion, making a conducive atmosphere for cross-border commerce.
