EAC states quest to grow foreign direct investments

A high-level trade and investment forum has opened today between Uganda and Tanzania in Dar es Salaam, with more calls on the political leadership to push for a complete removal of trade restrictions which, up to now, are undermining the EAC free trade protocols. According to The EAC Regional Meeting Committee report (2023), it was estimated that the direct costs of non-tariff barriers (NTBs) in the East African Community (EAC) are $16,703,970, with the total trade impact being $94,918,000. The report showed that trade has decreased by an average of 58 percent. Unfortunately, Tanzania and Uganda have been cited as having the highest number of unresolved NTBs as of February 2024. The High Commissioner of Uganda to Tanzania, retired Col. Fred Mwesigye, urged the private sector to open up partnerships and tap into opportunities in the ongoing EACOP project, which is projected to earn some $20 billion in revenues for both countries. In attendance was the Rt. Hon. Kasim Majaliwa, the Prime Minister of the United Republic of Tanzania. #NTVNews #NTVTonight #NTVWeekendEdition Subscribe to Our Channel For more news visit http://www.ntv.co.ug Follow us on Twitter http://www.twitter.com/ntvuganda Connect with us on Messenger via m.me/NTVUganda