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The Democratic Republic of Congo (DRC) has joined the East African Community (EAC).
DRC was officially admitted into the bloc during the 19th Extra-Ordinary Summit of the EAC Heads of State and Government chaired by Kenya’s President Uhuru Kenyatta on Tuesday.
While welcoming DRC to EAC, Kenyatta termed its admission as a historic event that demonstrates the agility of the community to expand beyond its socio-cultural boundaries to new people and trade-centered partnerships and collaboration that will expand opportunities for citizens of the region.
“Today as chairman of the EAC, I proudly and warmly welcome our brothers and sisters from the DRC to the EAC and look forward to joining hands in strengthening our community together. Working together, we have more to gain than when we are separate,” Kenyatta said.
“Indeed, the combined population and GDP of our community will grow by 50 percent and 25 percent respectively, implying a corresponding expansion of the market for goods and services. These numbers imply expanded market opportunities for producers located within EAC under the Customs Union.”
Kenyatta further noted that the expanded community will attract more investments across all sectors, which will create more wealth and jobs for the people.
It will also place EAC in a better position to combine resources to develop the much-needed infrastructure, especially the main transit corridors running from east to west.
“The said infrastructure is crucial in facilitating cross-border movements of goods, people and physical capital as envisaged in the EAC Common Market,” Uhuru added.
With a larger market of about 300 million people, Kenyatta expressed optimism that EAC will achieve better outcomes brought about by the economies of scale and pooling of human and financial resources.
Other East African heads of state commended DRC President Felix Tshisekedi for pushing for the inclusion of his country into the community.
“DRC’s admission into the EAC is a big event as it signals prosperity to the citizens. As leaders, let’s continually strive to ensure peace, security and stability is maintained in the region,” said Ugandan President Yoweri Museveni.
Other EAC member states include Kenya, Uganda, Tanzania, Rwanda, Burundi, and South Sudan.
Comments
If you understand monetary systems and how they work, what determines the face value of currency, why a dollar is the preferred global currency, why a dollar is worth 111 kshs and not the other way round, then you’ll understand why trading solely on ‘african currency’ is far fetched, live alone its redundancy in the global markets as a major player in forex and trade!!!
@Kipserem, who set those rules? If Africa decide to trade on their own currency they can do it. EU have their own currency. Gaddaffi was suggesting that. We got a lot of gold to back our currency.
Let's be mindful of Europeans and Americans. They do not appreciate when other people form unions since unity is power. Hopefully they will not meddle with us.
@Sokora the idiots aren’t happy we coming together.Ofcourse they will try to penetrate use some of our stupid leaders to frustrate the deals.Otherwise if we can strongly come together as Gaddafi always wanted n form one United state of Africa then we may not want the so called controlling freaks.
Comrade Mkenya halisi,
True to your words.
AFRICA is the only continent that can be self sufficient. We have all the resources we need, if only we came together.
The issue is that the WEST has us believing that we have to depend on them and use our elected leaders to SUPPRESS the MASSES.
I bet it time AFRICA said enough is enough.
WHY ARE MOST AUCTIONS BASED IN USA??
From, coffee, tea, diamonds, uranium, gold, etc.??
Why is USA setting the prices??
They need to trade using African currency not colonial money. "Despite this largely symbolic break from a colonial history with France, 14 countries have remained indebted to France since their liberation from them in the 1960s: Benin, Burkina Faso, Senegal, Cote d'Ivoire, Mali, Niger, Togo, Cameroon, Central African Republic, Guinea Bissau, Equatorial Guinea, Chad, Congo"