The East African Private Sector on Thursday discussed in Arusha, Tanzania its contribution to African Continental Free Trade Area.
The one-day meeting was organized by the East African Business Council and the UN Economic Commission for Africa, attracted close to 40 key players from the region.
The ECA office estimates large potential gains from the trade, including an increase in intra-African exports by nearly one billion US Dollars and job creation of up to 1.9 million.
“Together African economies have a collective GDP of 2.5 trillion USD, making it the 8th largest economy in the world’, said Andrew Mold, Acting Director of ECA in Eastern Africa.
This should encourage business people to take advantage of the Free Trade Area and make the investments necessary to sustain economic growth and create employment’, he noted.
Nick Nesbitt, Chairman of EABC, emphasized on the importance of Africa having a clear vision to end the fragmentation of the internal market.
Director General of Customs and Trade at the EAC, Kenneth Bagamuhunda, said regional economic communities should build on what has already been achieved in negotiations like the Tripartite Free Trade Area.
He stressed on the governments need to set a conducive environment for the successful implementation of the free trade area.