EU and EAC Unveil Three Projects to Boost Trade and Economic Cooperation
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Synopsis
On February 7, 2023, the EU and EAC announced three significant projects aimed at enhancing regional integration, improving trade, and promoting inclusive economic growth with a total funding of 8 million euros.
Key Takeaways
- Three projects launched by EU and EAC.
- Total funding of 8 million euros.
- Focus on liberalizing services and enforcing competition.
- Emphasis on empowering women and youth.
- Strengthening EAC institutional capacity.
Dar Es Salaam, Feb 7 (NationPress) The European Union (EU) and the East African Community (EAC) have initiated three significant projects aimed at bolstering regional integration, promoting trade, and fostering inclusive economic development.
The EAC released a statement indicating that these projects, with a cumulative funding of 8 million euros (approximately 8.3 million US dollars), will aid the EAC in liberalizing services, enforcing competition policies, and enhancing institutional capacity, with a notable emphasis on empowering women and youth.
The first project, titled 'Leveraging Integration Frameworks for Trade in Services and Civil Society Organisations', aims to eliminate obstacles to trade in services by simplifying tourism regulations and promoting the mutual recognition of academic and professional qualifications throughout the region, while also increasing civil society's involvement in the economic integration process.
Furthermore, the second project will enhance the EAC Competition Authority by refining the enforcement of competition laws, standardizing regulations, and building institutional capabilities, as reported by the Xinhua news agency.
The third initiative, 'EU-EAC Technical Assistance', seeks to strengthen the capacity of EAC organs and institutions to effectively manage projects and enhance public finance governance, according to the statement.
The EAC is an intergovernmental organization dedicated to promoting economic, political, and social integration within the region, which includes partner states such as Burundi, the Democratic Republic of the Congo, Kenya, Rwanda, Somalia, South Sudan, Uganda, and Tanzania.
