国际英语新闻:EAC secretary general urges more efforts for Common Market
"Thus, 1st July 2010 for the EAC Common Market, means entry of the critical phase when the Partner States, which, pursuant to the Treaty establishing the EAC are the principal implementers of EAC programs, must begin to determine how the four freedoms encapsulated in the Common Market Protocol should resolutely be put into effect."
" It also marks the beginning of serious work at the EAC executive organ level, notably the Council of Ministers, in determining what regional-based interventions can and should be undertaken to speed up the process of getting the four freedoms to take force, mainly through a legislative process," he added.
The EAC economies have seen significant cross-border services intensify, benefitting from bold economic liberalization policies and measures effected in all the five EAC Partner States, while some Common Market freedoms are already in place with a wide range of services, the EAC secretary general said.
The entry of the Common Market Protocol will thus provide a fillip and impetus to an already thriving cross-border services industry, while the securities market is yet to be "regionalized" and the capital account is yet to be sufficiently liberalized by Tanzania to enable Tanzanians participate outside the present framework of cross-listing of market shares at national level, he pointed out.
The regulatory framework for cross-border television broadcasting is still stringent, and the cross-cutting challenge of work permits which underlie the effectiveness of the services sector needs to be frontally addressed, Mwapachu added.
As the EAC Common Market is finally here, it ushers in a higher level of integration beyond trade in goods which the Customs Union caters for, with positive impact on the economies of the Partner States as reflected by growing intra -regional trade in the past five years, while the broad economic space which the services sector will unleash will trigger the expansion of economic activities and jobs in the region, he concluded.
In November 2009, the five EAC Partner States, namely Burundi, Kenya, Rwanda, Tanzania and Uganda, committed to a Common Market when the EAC heads of state signed the Protocol. All Partner States reiterated their commitment to the Protocol by ratifying it earlier this year, paving the way for its progressive implementation starting July 1 to facilitate free movement of labor, goods, services, capital, and the right of establishment in the EAC region.
The EAC regional bloc covers a population of 126.6 million with a combined GDP of 73 billion U.S. dollars, and a development strategy of growing up from a Customs Union, a Common Market to a Monetary Union and eventually a Political Federation.
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