The East African Enterprise Council (EABC) has signed a Memorandum of Understanding (MoU) with the Abuja Chamber of Commerce and Business (ACCI) to strengthen commerce cooperation between the East and West of Africa.

Talking on the signing ceremony, Mr John Bosco Chief Govt Officer of East African Enterprise Council mentioned Intra-African commerce is at the moment low at 14.4 per cent of complete African exports whereas the African Continental Free Commerce Space (AfCFTA) is about to spice up intra-African commerce by about 33 per cent.

“EAC bloc items export to the Financial Group of West African States (ECOWAS) reached 91 million US {dollars} whereas imports 256million US {dollars}.

“EABC and ACCI partnership will champion AfCFTA implementation by collaborating and linking companies to entry export and import and funding alternatives,” Mr Bosco mentioned.

As outlined within the MoU, EABC and ACCI additionally dedicated to collectively organise outward commerce missions, research excursions, exhibitions and conferences.

Dr Al-Mujtaba Abubakar, President CEO, of Abuja Chamber of Commerce and Business (ACCI) mentioned The ECOWAS has a mixed GDP of 734.8 billion US {dollars} and a inhabitants of 300 million residents. Following the disruption of worldwide provide chains attributable to COVID-19, now EAC imported extra from the ECOWAS area.

“The partnership will enhance business info change, buyer, due diligence info and affords a platform for various dispute decision on commerce issues,” Dr Abubakar mentioned.

EAC imports from ECOWAS hit 488.4million US {dollars} in 2020 a 132 per cent from 209 million US {dollars} in 2019.

Prime EAC product imports from ECOWAS are treasured stones, animal or vegetable fat, mineral fuels, glass, equipment, important oils and cocoa whereas prime EAC exports to ECOWAS embody textile fibres, espresso, tea, and spices, pharmaceutical, uncooked hides and skins, electrical equipment, furnishings; miscellaneous chemical merchandise and tobacco.