Stakeholders ramp up removal of NTBs to up regional trade
Business
By
George Orido
| Dec 21, 2023
The regional business community has ramped up calls for the removal of trade barriers to increase intra-African trade.
A recent gathering of prominent businessmen and traders from across the East African Community (EAC) in Zanzibar called for legislative action among partner states to end trade barriers, including non-tariff barriers (NTBs).
EAC Secretary General Peter Mathuki said NTBs continue to hinder the smooth flow of goods across the region, thus limiting the bloc's trade potential.
He noted that EAC's total trade rose by 13.4 per cent to Sh9.6 trillion in 2022 from Sh8.5 trillion in 2021, underscoring the potential for growth if member states decisively deal with trade barriers.
"Intriguingly, out of 184 non-tariff barriers, only seven remain unresolved, underscoring how critical their removal is to facilitate unrestricted movement of goods," said Mr Mathuki.
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Richard Ngatia, the newly appointed president of the East Africa Chamber of Commerce, Industry, and Agriculture (EACCIA), emphasised the importance of enhanced collaboration among businesses, regional governments, and the private sector to tackle these challenges.
Mr Ngatia stressed the pivotal role of women, who constitute about 70 per cent of cross-border traders, in raising intra-African trade.
"Our collective efforts must delve into futuristic trade and investment issues, fortify financial markets, and foster robust cooperation among stakeholders," he said.
Mr Ngatia, who is the immediate former Kenya National Chamber of Commerce and Industry President, pledged the regional lobby's commitment to advocating for tariff elimination and collaborating closely with regional government bodies to standardise trade policies and regulations.