Tanzania is a partner to several Regional Economic Communities (RECs) in Africa.
Each Bloc presents numerous opportunities for Tanzanian manufacturers.
Regional Economic Communities
Tanzania and other African States are in a tireless pursuit to deepen economic integration so as to become competitive, attract investments and promote trade.
Tanzania is a partner to several Regional Economic Communities (RECs) in Africa. Each Bloc presents numerous opportunities for Tanzanian manufacturers. CTI has been actively participating in the negotiations of these regional blocs and trade arrangements which are indicated below:
East Africa Cooperation signed the EAC Customs Union on 1st January 2005. The EAC Common Market was signed on 1st January 2010. Negotiations for the establishment of Monetary Union is ongoing. EAC has five (5) Member States with an internal market of 143 million consumers.
The SADC Trade Protocol was adopted in 1996 and came into effect on 1st September 2000.All SADC Member States except Angola and DRC implement fully the SADC Trade Protocol since 2012. SADC has a total of fifteen (15) Member States and a market of more than 200 million consumers.
COMESA, SADC and EAC TFTA comprises of 26 countries ranging from Egypt to South Africa with a market of about 625 million consumers and an aggregate GDP of USD 1 trillion.
African countries are deliberating on plans and actions to turn Africa into a Continental Free Trade Area by 2017 followed by an African Customs Union in 2019.
EPAs are trade agreements meant to safeguard African, Caribbean and Pacific (ACP) countries’ preferential access to the EU markets. EPAs present a number of challenges for ACP countries that are required to open their markets to EU imports and furthermore, require liberalization in other areas such as investment and services.
The African Growth Opportunity Act was signed into law on May 2000 as Title 1 of Trade and Development Act of 2000. The act offers tangible incentives for African counties to continue their efforts to open their economies and build free markets Tanzania is one of the African countries that is eligible for AGOA.
The Act has recently been renewed up to 2025 and provides Sub-Sahara African nations a duty-free access to the vast US market for over 6,500 products such as agricultural products, chemicals, textiles and apparel, minerals, metals and equipment.