The EACB said in a statement that the proposed 35 per cent CET rate is the majority position for manufacturer associations in the EAC regional bloc
The East African Business Council (EABC) has urged member states of the East African Community (EAC) to adopt a proposed 35 per cent as the maximum common external tariff (CET) rate.
The EACB said in a statement that the proposed 35 per cent CET rate is the majority position for manufacturer associations in the EAC regional bloc. The statement said adopting the proposed 35 per cent maximum tariff rate is set to incentivize industrial development, protect nascent industries exposed to unfair competition, and safeguard industries against cheap and subsidized imports and jobs.
According to the statement, the proposed 35 per cent maximum tariff rate will attract investments in industrial value chains and transform the bloc into an export-led, industrialized economy. The EAC member states are Burundi, Kenya, Rwanda, South Sudan, Tanzania and Uganda.
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