SLOW harmonisation of national laws and regulations in line with the Common Market Protocol has hampered has held back the full benefits expected under the deal four years after its implementation, according to a
A status report published by the bank indicates that progress to eliminate restrictions has been slow while some partner states have introduced new measures despite their obligations under the EAC common market protocol.
"Since the Protocol came into force in 2010,
The implementation of the Common Market Protocol was supposed to introduce for new freedoms across the EAC regions namely free movement of goods, services, people and capital.
"In services, several new restrictions have been introduced or carried over from older laws since the Protocol was signed. And in goods, where obligations started earlier at the enactment of the Customs Union Protocol, 51 non-tariff barriers arising from regulatory measures by governments were identified between 2008 and
KAM cites sluggish harmonisation of tax and production standards as one of the biggest challenges manufacturers in the region continue to face.
Regional risk consultancy firm
"There is psychological fear among the citizenship across
On free movement of capital, the
from other partner economies though
Movement of services on the other hand is being hampered by 63 laws across the EAC member states which clash with the
Latest data show
Most Popular Stories
- Americans Still Pessimistic Despite Economic Growth
- Apple to Unveil New Items on Sept. 9
- Friends Followed Similar Paths to Violent Jihad
- Janet Yellen's Assets Grew by 8 Percent in 2013
- Hillary Clinton Breaks Silence on Ferguson
- Obama Puts Ukraine Violence on Russia
- California Moves Toward Ban on Plastic Bags
- Petit Retires 46 Batters in a Row, MLB Record
- Axxis Solutions Appoints Benites as CEO
- Identity Thieves Prey on Job Seekers