New EABC CEO lists key pillars to drive economic recovery for 6 member bloc

Intra-East African Community trade experienced a significant decline of 5.5% to $5.9 billion in 2020, attributed to the disruptive impact of the COVID-19 pandemic. This downturn erased the gains made in the previous year when trade figures stood at $6.3 billion. Amidst these challenges, John Bosco Kalisa, the CEO of the East African Business Council (EABC), provided insights into the strategies and pillars necessary to drive economic recovery and enhance regional integration within the East African Community (EAC). Kalisa acknowledged the adverse effects of the pandemic on the economies and businesses within the region. However, he also expressed optimism regarding the opportunities available for recovery and growth. He emphasized the importance of implementing mitigation measures to support economic recovery, safeguard livelihoods, and ensure business continuity. Central to these measures is robust engagement with the private sector, policymakers, and key stakeholders across various policy areas such as trade, fiscal policy, and healthcare initiatives like vaccination campaigns. The CEO highlighted the significance of fostering dialogue and collaboration between the private sector and policymakers to identify and address challenges hindering trade and investment within the EAC. He underscored the importance of creating a conducive business environment by tackling trade tensions, non-tariff barriers, and enhancing cross-border trade facilitation among member states. Moreover, Kalisa emphasized the need to enhance regional competitiveness by leveraging the EAC's vast market potential, diverse resources, and expanding consumer base. With a population of 177 million and the recent inclusion of the Democratic Republic of Congo (DRC), the EAC envisions a market of over 250 million people. This presents a significant opportunity for economic growth and investment across the region. One of the critical challenges faced by the EAC relates to rules of origin, impacting trade relations between countries such as Kenya, Tanzania, and Uganda. Kalisa emphasized the importance of clear, transparent, and predictable rules of origin to facilitate smooth trade flows. He cited instances where customs officials posed barriers to trade by disregarding rules of origin certificates, underscoring the need for a shift in mindset and proactive measures to address such issues. To tackle these challenges, the EABC CEO highlighted initiatives such as establishing a technical working group to address trade-related issues, launching trade information centers at border points, and setting up a trade hotline for real-time issue resolution. By enhancing collaboration between private sector entities, policymakers, and regional bodies like the EAC Secretariat, Kalisa seeks to promote a conducive business environment, streamline trade procedures, and drive economic recovery post-COVID-19. In conclusion, John Bosco Kalisa's strategic approach and emphasis on stakeholder engagement and regional collaboration signal a proactive stance towards overcoming trade barriers, stimulating investment, and fostering economic resilience within the East African Community. By leveraging the EAC's collective strengths and market potential, the region aims to rebound from the pandemic's impact and chart a trajectory towards sustainable growth and integration.