M a r k e t N e w s

EAC explore trade opportunities with the Eurasian Economic Union

Posted on : Wednesday, 31st December 2014

 According to the statement, this was one of the resolutions agreed on during a recent meeting between EAC ambassadors in the Russian Federation and representatives of the EEC that took place at the Kenyan Embassy in Moscow, Russia.

Rwanda was represented by Amb Jeanne d’Arc Mujawamariya and first secretary, Francis Karagire.
“The meeting was aimed at learning about the EEC integration process and development of the economic bloc with view of exploring business opportunities for EAC member states,” the released noted.
The EEC is a supranational governing body of the Customs Union and the Single Economic Space of the Eurasian Economic Union of Belarus, Kazakhstan and Russia. It was formed last year after the leaders of the three countries signed a treaty that will be effective on January 1.
EAC diplomats agreed that traders from the region pay custom taxes at only one entry point to the EEC bloc to boost exports from East Africa.
Once in effect, the EEC bloc will represent a single economic market of 171 million people with a gross domestic product of $3 trillion.
Victor Spasskiy, the director in charge of integration development, said there are initiatives to expand the bloc to include Armenia and Kyrgyzstan.
Local business people were encouraged to take advantage of the immense opportunities in the bloc to develop new business ties with the EEU business community.
Possible exports from EEC include natural resources, human capital, technology in manufacturing industry and farming machinery.

Source : in2eastafrica.net
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