Wednesday, 13 November 2013

Kenya says there is no need for mediation with Tanzania being a member of the EAC

The common market was signed on November, 20 2009 by the five EAC Heads of State, and came into force on July 1, 2010 where the five east African countries freed up the movement of people, products and capital across borders, furthering East Africa’s dream of broad political unification.

The transformation and growth of the East African Community, aims to become a monetary union by 2012 and have a common currency by 2015, with political federation to come soon after.

The East African Community was founded in 1967 by Kenya, Tanzania and Uganda but collapsed a decade later over political infighting between member states.

The community has expressed interest in a common currency, as well as a single tourist visa. The member states are also collaborating on building a regional railway line that would run from the Indian Ocean to Burundi, bordering Lake Tanganyika.

The EAC integration process involves four stages - the Customs Union, Common Market, Monetary Union, and finally a Political Federation. The integration process is currently at common market stage and expected to move to monetary union (MU).

The EAC countries are Kenya, Uganda, Tanzania, Burundi and Rwanda with the new Republic of South Sudan expressing its wish to become a member.