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Browsing: cross-cultural interaction promotes social cohesion
Intra-regional trade in Africa serves as the backbone of economic transformation. East African Community (EAC) member states are increasingly trading with one another and with other African countries. At the same time, they reduced their trade with other continents like Europe, Asia, and other parts of the world, shaping the intra-regional trade in Africa’s dream projected to boost commerce and livelihoods on the continent.
The seven countries in the region (as of 2023) increased their trade with the rest of Africa by $584.6 million to $4.3 billion in the fourth quarter of 2023, a 14 per cent rise compared with a similar period in 2022, according to the latest data by the EAC Secretariat.
Cross-border trade within the region also recorded a 12 per cent rise, from the previous year’s $2.6 billion to $2.9 billion in last year’s Quarter 4, indicating rising trade within the region over the year.
During …