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Browsing: Harmonisation of trade policies
- Non-tariff trade barriers are restrictions trade blocs impose to further their political and economic goals.
- Kenya and Tanzania are working on resolving non-tariff trade barriers that have stifled business between East Africa’s largest economies.
- Kenya is a crucial partner for Tanzania and is the largest source of African Foreign Direct Investment in Tanzania.
The East African Community
Countries have adopted regional trading blocs as a strategy to increase global competitiveness. The East African Community (EAC) member states are dedicated to enhancing economic efficiency and fostering regional integration through strategic investments using established industries.
EAC aims to position the Community as a single investment area, harmonising trade policies, investment incentives, and product standards.
At the beginning of its operations, EAC ended non-trade barriers (NTB) between member countries intending to liberalise trade. However, this affected the NTB imposed by the members, especially Kenya and Tanzania, who are critical traders in the market.…