SEATINI Uganda Partners with East African Business Council to Drive AfCFTA Success
SEATINI Uganda Partners with East African Business Council to Drive AfCFTA Success
Insights and Key Takeaways from the East African Business and Investment Summit & Expo 2023
The recently concluded East African Business and Investment Summit & Expo 2023 brought together policymakers, private sector leaders, and experts to discuss critical issues and opportunities within the East African Community (EAC) and the African Continental Free Trade Area (AfCFTA). SEATINI Uganda, as a partner in this significant event, played a pivotal role in addressing key challenges and proposing solutions for the region’s economic growth and integration.
The summit, officially opened by Rt. Hon. Rebecca Alitwala Kadaga, the 1st Deputy Prime Minister and Minister for East African Community Affairs, Republic of Uganda, set the stage for critical discussions on intra-EAC trade, AfCFTA implementation, and the role of the private sector in driving regional economic growth.
Hon. Kadaga emphasized the urgent need to eliminate persistent non-tariff barriers that hinder trade within the EAC, fully implement AfCFTA, and adhere to EAC Common Market commitments. She stressed the importance of focusing on manufacturing to boost the region’s Gross Domestic Product (GDP). Moreover, she launched the EAC-EABC Technical Working Group, tasked with monitoring the implementation of the summit’s resolutions.
During the summit, SEATINI Uganda organized a side event titled “Trading under the AfCFTA: Lessons from the Guided Trade Initiative.” The side event tackled critical issues and provided valuable insights into the challenges and opportunities presented by the AfCFTA.
The side event’s main objectives were to enhance stakeholders’ understanding of the AfCFTA and share comprehensive insights. Distinguished panelists from academia, the private sector, civil society, and economic policy analysis contributed to discussions based on their extensive experiences.
Dr. Isaac Shinyekwa, Head of Trade and Regional Integration Department at the Economic Policy Research Centre (EPRC), shed light on the Guided Trade Initiative (GTI). He explained how ministers, empowered by a treaty, initiated the GTI to explore how trade could be conducted under the AfCFTA. Dr. Shinyekwa emphasized the need for countries to incorporate the GTI into their national implementation strategies and highlighted challenges, including limited access to information at the continental level, non-tariff barriers within the EAC, and insufficient national laboratories for standards.
Dr. Julius Byaruhanga, from the Private Sector Foundation Uganda (PSFU), delved into the constraints facing African countries in realizing the potential of the AfCFTA. He pointed out travel constraints, high logistical costs, and the need to address productivity and quality concerns, particularly in critical export products like coffee. Dr. Byaruhanga also underscored the importance of addressing non-tariff barriers within the EAC and promoting collective efforts to overcome structural challenges.
Mr. Herbert Kafeero, Programs and Communications Manager at SEATINI Uganda discussed essential measures for the successful implementation of the AfCFTA. He emphasized the reliance on regional economic communities (RECs) as foundation blocks for the AfCFTA while addressing challenges within these RECs. Mr. Kafeero also highlighted the importance of identifying and addressing challenges hindering trade, providing incentives to producers, and dealing with non-tariff barriers.
The discussions at the side event covered various critical areas, including market access, infrastructure, gender mainstreaming, diversity in panel representation, and more. Participants stressed the need to accelerate exports, increase manufacturing capacity, prioritize regional supply and value chains, and promote sustainable farming practices in the face of climate change.
Additionally, participants advocated for tax regime harmonization within the EAC, the development of digital skills to unlock business opportunities, and addressing challenges related to the movement of services within the continent. They emphasized the importance of supporting SMEs, women, and youth in business, promoting sustainable business practices, and investing in renewable energy projects.
In closing remarks, Hon. Matia Kasaija, Minister of Finance, Planning, and Economic Development, called for a borderless East Africa and increased market access for East African-made products.
The East African Business and Investment Summit & Expo 2023, with SEATINI Uganda’s active participation, provided a platform for critical discussions and knowledge sharing, paving the way for a more integrated and prosperous East African region within the AfCFTA framework. The challenges and opportunities discussed during the summit underscore the importance of collaborative efforts to unlock the full potential of regional and continental trade.
