The East African Community (EAC) is considering setting up an East African Community (EAC) Trade Statics Database.
According to statement by the bloc’s secretariat, the EAC, in collaboration with USAID/COMPETE have developed a framework aimed at improving the quality of trade statistics in the region.
“The framework is built on consolidating the achievements so far made in the ongoing compilation practices of trade statistics in the region,” the statement reads.
Taking into consideration the imperative role of trade statistics in the operations of the Common Market and building on to a Monetary Union, the EAC Trade Statistics Working Group recommended that USAID/COMPETE provide support to the EAC in the development of a web-based database.
The database is expected to respond to the of needs policy makers and users of trade statistics for all products by value and volume, Partner States trade performance at trade partner level, market access requirements, import tariffs as well as transport and transit requirements and EAC’s preferential arrangements with other trading blocks.
In the meeting that was held over the weekend at the EAC headquarters in Arusha, Tanzania, and attended by key stakeholders, officials provided critical inputs and comments for further improvements on the prototype.
The forum was the first of a series of consultative meetings between EAC and USAID/COMPETE for the statistics database that will facilitate exchange of information and foster trade in the EAC single customs territory, serving as a one stop centre for trade information.