Subscriptions Central AfricaEast AfricaHorn of AfricaIndian OceanNorth AfricaSouthern AfricaWest AfricaAfrica / World Agriculture - NutritionCulture - ArtsEconomy - DevelopmentEnvironment - NatureGay - LesbianGender - WomenHealthHuman rightsLabourMediaPoliticsScience - EducationSocietyTechnologyTravel - Leisure From Behind By Country By Topic Chronological Press Releases Partner Media Contact Us
   
  

See also:
» 29.09.2009 - East African police chiefs eye closer ties with INTERPOL
» 14.09.2009 - Eastern Africa to harmonise strategies to reach food security
» 03.09.2009 - EAC to discuss draft framework on social development
» 02.09.2009 - East Africa forces hold 1st ever joint field training exercise
» 01.09.2009 - EU signing with ESA a solid foundation, Ashton
» 14.08.2009 - Uganda well-positioned to steer East Africa, Zoellick
» 11.08.2009 - Great lakes leaders urged to move quick
» 31.07.2009 - US chamber embarks on trade mission to East Africa

East Africa | Rwanda
Economy - Development | Politics

Rwanda joins East Africa customs union

afrol News, 15 July - The Rwandan government has joined the East African Community (EAC) Customs Union to open its borders to free trade among neighbours and to compete with the region’s economic giants.

In a statement released by the bloc, the Union is intended to boost economic cooperation between the region’s members, stating that it will also pave the way for lower prices, as goods from member states would be duty free.

The Rwandan Prime Minister, Bernard Makuza said that expansion of the customs union is an achievement which will make Rwandans take pride on the country’s integration efforts.

He said that it is contradictory to the belief that the customs union would affect the economies of the partner states in a negative sense in terms of revenue erosion and competitiveness.

The Director General Customs and Trade EAC, Peter Kiguta said large economic region carries heavy weight if it is an integrated market with production, investment and trade linkage.

The Bloc’s statement further said the country has commenced implementing a three-band common external tariff (CET) structure, in which the raw materials and the capital goods are zero-rated while the intermediate goods attract 10 percent and finished goods draw 25 percent tax.

The CET structure is also framed to promote industrialisation in the region by reducing the production cost and by cushioning local manufacturers against cheaper imports and counterfeits.

According to reports, the intra-EAC trade has witnessed a growth of about 40 percent from 2004. Merger of Rwanda with Burundi enlarges the market size with the population of 120 million people and the combined GDP of around $60 billion.


    E-mail this to a friend     Printable version

Related pages and feature
Current afrol News Top Stories
East Africa
Rwanda
Economy - Development
Politics
Affairs
Affairs
Cooperation
Economy
Policy
Trade
» Ghana-EU sign first voluntary agreement on legal timber exports
» Algeria-Egypt’s World Cup place explodes into a diplomatic war
» Malawi’s rural land development project gets additional funding
» Industrial development key to Africa’s integration in global economy
» Children’s rights still not assured, UNICEF
» Cambodia troops arrive in CAR
» UN-lawmakers' partnership can help the poor out of recession, Ban
» Developing countries urged to make agriculture a funding priority
» Concluding Doha Round could boost recovery, WB
» Zim govt report compliance progress to clean its diamond trade


top of page about afrol News | news | countries | archive | services | feed back | español 

© afrol News. Reproducing or buying afrol News' articles.

   You can contact us at mail@afrol.com