Browsing: Congo to join EAC

GDP in East Africa increases to Sh29 trillion after DRC enters alliance. www.theexchange.africa
  • DRC formally joined the EAC by depositing its instruments of ratification on the EAC Treaty’s accession with the bloc’s secretariat
  • DRC will eliminate constraints on the free movement of individuals and goods, as well as increase intra-EAC exports which presently total USUS$7.4 billion
  • The enlarged membership makes the community larger, with a nearly 50% rise in population, a 22% increase in GDP, and a 79% increase in the territorial area ranging from the Indian to the Atlantic Ocean

On Monday, the Democratic Republic of the Congo (DRC) accomplished the final and most significant step to joining the East African Community (EAC).

At a ceremony conducted at the EAC headquarters in Arusha, Tanzania, the DRC formally joined the EAC by depositing its instruments of ratification on the EAC Treaty’s accession with the bloc’s secretariat.

DRC now has the same rights and benefits as all EAC members to engage in EAC programmes

The overall gross domestic product of the EAC in 2019 was 193 billion dollars. The inclusion of the DRC might either stand as an opportunity or a burden. Who knows? Only time will tell.

The President of the FEC-Goma, for his own part, according to Bercky Chirimwami, “We are eager to enhance the capacity of businesspeople in the DRC to successfully do business in the EAC Common Market.” He advised businessmen in the Democratic Republic of the Congo to search for opportunities in international commerce and investments.

During the Business Meeting, participants from the Democratic Republic of the Congo’s business community gained insight into the possibilities presented by the EAC Common Market. In order to facilitate more B2B networking, the EABC entered into a partnership with the FEC-Goma to implement awareness campaigns on EAC procedures, the African Due Diligence Platform (Mansa), and the East African Trade and Investment Mission to …

East African Community, Last year in June 2019, Congo (DRC) applied for admission to join the East African Community (EAC). 

With a population of approximately 81 million people, Congo holds almost half of the population of the EAC member states and thus it presents a huge market. However, despite the country sharing its borders with five of EAC partner states South Sudan, Uganda, Rwanda, Burundi and Tanzania, EAC’s trade with the DRC is significantly low. In fact, the combined exports of all the East African Community partner states into the DRC, does not match that of South-Africa to the Congo. 

According to trade data, most of the imports from the DRC are sourced from China (31.2%), South Africa (15.8%), Zambia (13%), Belgium (5.4%) and India (5.3%). 

A report by the East African Business Council (EABC) in collaboration with GIZ Creating Perspectives Project dubbed, “The opportunities for trade