EAC assumes TFTA leadership, urges unified Africa-led resource mobilisation plan
The East African Community (EAC) has renewed calls for a harmonised, Africa-led resource mobilisation framework as it assumes the leadership of the COMESA-EAC-SADC Tripartite Free Trade Area (TFTA).
Speaking at a high-level roundtable on the sidelines of the African Union’s 7th Mid-Year Coordination Meeting in Malabo, Equatorial Guinea, EAC Secretary General Veronica Nduva said the time has come to end fragmented funding approaches and rally behind a unified financing strategy that strengthens Africa’s position in driving its development agenda.
The Secretary General observed that while the region has held various forums deliberating on strategies to pool resources for the continent, there is need for a harmonised and streamlined approach to deliver a common strategy.
Nduva called for blended financing that leverages public, private, and philanthropic capital urging greater involvement of African philanthropists and the private sector in defining and deepening their contributions.
“It is also critical that we consider the adoption of austerity measures to ensure that resources allocated for projects deliver the intended outcomes,” she stated.
Her sentiments come as the EAC formally takes over the rotating chairmanship of the Tripartite Task Force (TTF) from the Southern African Development Community (SADC) ahead of the official launch of the TFTA Agreement at the upcoming 4th Tripartite Summit.
The Tripartite Free Trade Area, which came into force on July 25, 2024, links the three regional blocs, EAC, SADC, and COMESA into a single market to enhance trade, industrialisation, and movement across member states.
Nduva outlined EAC’s immediate priorities as the TTF Chair, including the completion of tariff offers, adoption of rules of origin, and the ratification of key protocols by remaining partner states.
She also proposed the establishment of a dedicated Tripartite Secretariat to coordinate implementation.
“We are committed to prioritising the operationalisation of the agreements made and the revival of the Industrial Development Pillar,” Nduva stated.
“We see the Tripartite FTA as a strategic lever to deepen integration, enhance competitiveness, unlock intra-African trade and advance inclusive industrialisation,” she added.
The Malabo roundtable, convened by the African Union Development Agency (AUDA-NEPAD), brought together the Chairperson of the African Union Commission, Mahmoud Youssouf, heads of African Union institutions, Regional Economic Communities, African Union Member States’ representatives, development partners, and other key stakeholders.
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