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East Africa, US Announce Progress Under Trade And Investment Partnership

by Lorys Charalambous, Tax-News.com, Cyprus

24 October 2012


Following a ministerial meeting on October 19, the United States and the East African Community (EAC) were said to have taken important steps to advance their Trade and Investment Partnership.

The EAC and the US announced the new Trade and Investment Partnership in June 2012 at the 2012 African Growth and Opportunity Act (AGOA) Forum. The initial topics the two sides have agreed to explore under the Partnership include an investment treaty, a trade facilitation agreement and a commercial dialogue.

The partnership should help to promote EAC regional integration, while expanding and diversifying US-EAC trade and investment. It could also provide building blocks towards a more comprehensive trade agreement over the long-term.

Initially, the EAC and the US agreed on a framework to move forward on the establishment of a Commercial Dialogue, which will be formally launched in late November 2012, while they also agreed that their respective technical teams will meet at the soonest possible date for further consultations toward negotiation of a proposed investment treaty and a trade facilitation agreement.

The parties will hold their next ministerial meeting on the margins of the 2013 AGOA Forum in the middle of next year.

TAGS: tax | export duty | trade treaty | Kenya | Rwanda | Uganda | United States | import duty | trade | Burundi | Tanzania

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