Africa
|
Sunday, 6 July 2008
Advanced Search
   
Job Market
|
Investment
 
   
Comments
|
Features
| | | | | |
africa.ibtimes.com
  Markets > Equity Markets
Sunday, 6 July 2008 06:04 AM EET
 
 
 

Rwanda, Burundi Join East African Community

 
By Eddyson Lugangwa
Posted 01 December 2006 @ 07:25 pm EET
    Print
    Reprint
    E-Mail
    Comments

Kampala (IBTimes.com) - Rwanda and Burundi were admitted Thursday to the East African Community, a three nation economic bloc with more than 120 million people. The two countries join Kenya, Uganda and Tanzania.

"You have joined a vibrant community with a lot of prospects," Kenyan President Mwai Kibaki of Kenya said at end of their one-day summit he chaired. Although rich in resources, the majority of east Africans are living on less than a dollar a day.

On Oct. 13 the presidents of Kenya, Uganda and Tanzania launched national consultations on the creation of a political federation. Planners envision a rotating presidency, separate national governments and a common currency and market by 2010.

Rwanda and Burundi had applied to join the economic community to boost regional trade. Their applications to join had not been acted on for several years as the original members worked to get the five-year-old organization on its feet and set up a customs union that sets common duty rates for imported goods among the countries.

The East African Community is a 1999 revival of the economic bloc formed after independence from Britain in the early 1960s. That original bloc collapsed in 1977 because of internal bickering.

Its most active bodies are its secretariat and customs union, but it also has a court and parliament.
While Kenya, Uganda and Tanzania share a common British colonial legacy, Rwanda and Burundi were colonized by Belgium. The presidents of all five countries attended the summit.

This article is copyrighted by the IBTimes.
 
 
McDonald's 2nd Quarter Profit Tops View
McDonald's Corp. on Monday posted preliminary quarterly earnings that topped analysts'
 
Four Banks to Help Investors Cash Safaricom Refund Cheques
No Cheap Oil For Years, Says World Bank
Telkom in Talks to Buy Uganda Telecom Stake
Detroit Gets a Buzz from Electric Cars
Ibtimes Sponsors
Africa's leading and most dynamic telecommunications company, providing integrated communications solutions
A leading communications services offering cellular network access adn business solutions
Large commercial and private bank offering a full range of services including internet banking.
 
advertisements
 
  INTERNATIONAL BUSINESS TIMES : GLOBAL NEWS | COMPANIES | MARKETS | PERSONAL FINANCE| TECHNOLOGY | COMMENTS & ANALYSIS
  Advanced Search | Archives | RSS Feeds | Stock Charts | Reprint Information | Media Kit | Toolbar | Newsletter
?2006 The IBTimes Company. All Rights Reserved Contact Us