..the East Africa Community officially recognized a new commerce unification initiative that will promote trade between member nations: Kenya, Tanzania, Uganda, Rwanda, and Burundi. The agreement, originally signed late last year, eliminates tariffs, opens borders, loosens immigration and work-permit restrictions, reduces aviation restrictions, and streamlines customs.
The bloc aims to become a monetary union by 2012 and have a common currency by 2015, with political federation to come soon after. Ultimately, leaders from the countries talk about becoming a single east African nation.
China, a major trade partner to the EAC nations, also announced it would further cut back its already-low tariffs on imports from the involved countries. Recently busying itself with infrastructure projects, China hopes to boost the expediency and efficiency at which goods can be traded-- free movement between EAC nations will surely help to shore up this investment.
As far as uniting historically divided nations? Pratibha Thaker, regional director for the Economist Intelligence Unit comments,“It is critical for trade in service and trade in goods, economics will make them come together faster than politics.”
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