INTER trade among East African Community member states stands to thrive if the private sector in the region appeals to consumers to "Buy East African, Build East Africa."

Veronica Nduva, the EAC secretary general, issued this appeal here yesterday at a roundtable for chief executive officers of major companies grouped in the East African Business Council (EABC).

The EABC CEOs-Secretary General Round Table was organised under the theme, of boosting intra-EAC trade and investment by unlocking barriers and leveraging opportunities.

The roundtable was organised in partnership with the German investment agency GIZ operating in the zone, plus sponsorship by the Isuzu motor vehicle giant, the Tanzania Cigarette Co. (TTC) plc, Stanbic Bank, Groupe EIS-EKA based in Bujumbura and the Tanzania Breweries Ltd (TBL).

The secretariat administrator highlighted the significant strides made by the EAC, including the streamlining of clearance processes under the single customs territory arrangement.

The centralised platform is intended to facilitate real-time exchange of customs and trade data, enabling automating priority clearance for compliant traders, she said

EAC’s progress in border efficiency via the one-stop border posts (OSBPs) led to a 70 percent reduction in border crossing times and generated annual savings of over $63m, she stated.

Additionally, 274 non-tariff barriers (NTBs) have been resolved since 2007, with the EAC lately operationalizing the NTB App to simplify NTBs reporting, she said, urging the private sector to collaborate with the EAC in identifying ways to improve access to affordable financing for small and medium enterprises (SMEs).

The secretariat was exploring climate finance opportunities under the East African Sustainable Growth (EASG) framework, supporting setting up of dedicated financial instruments.

These include low-interest loans, grants and venture capital targeted at SMEs, with this initiative requiring active private sector engagement, she stated, expressing the wish to integrate SMEs into the regional compliant trader program.

This has effectively reduced fraud and delays, she affirmed, pledging to follow up on EAC ministerial council decisions especially in relation to the private sector. The sectoral council of ministers on legal and judicial affairs has to meet to facilitate adopting any pending EAC trade instruments, she said.

Dennis Karera, the EABC vice chairman, underscored the importance of governments turning policies into action by the actual implementation of EAC commitments to boost intra-EAC trade and investment.

Liberalisation of air transport services, mutual recognition of professionals, abolition of work permits, EAC trade remedies, harmonisation of domestic taxes and elimination of long-standing non-tariff barriers are solutions set to enable businesses to optimise opportunities under the EAC Customs Union and common market of over 300m consumers.

He said the EAC zone is projected to grow by 5.1 percent in 2024 and 5.7 percent in 2025, while Adrian Njau, the EABC acting executive director, said that as the voice of the private sector in East Africa, the EABC seeks policies that unlock barriers and catalyse trade and investment in the region. Intra-EAC trade stands at 15 per cent of total trade, amounting to $12.2bin in 2023, where 85pc of regional trade is still with the rest of the world. Public-private dialogue and different approaches are needed to harness opportunities and increase intra-regional trade that EABC projects at a 40pc increase by 2028.

The round table also deliberated on the manufacturing sector in the EAC with insightful presentations on the impact of illicit trade and the automotive value chain as it brought together 70 captains of industry from across East Africa.

It offers a platform to outline and present private sector policy advocacy priorities and discuss the progress on the implementation of EAC commitments to enhance intra- and extra-EAC trade and investment, he added.