With a trade potential of exports in worth over $1.7 billion available for countries to leverage and grow their trade, East African nations are being urged to harmonize standards, processes and remove trade barriers. According to TradeMark Africa Deputy CEO Allen Asiimwe, countries such as Kenya, Tanzania, and the Democratic Republic of Congo (DRC), are among those expected to benefit significantly from increased cross-border trade once the Tripartite Free Trade Area (TFTA) agreement is fully implemented.

In an interview with CNBC Africa, Asiimwe shed light on the implications of this landmark agreement, explaining how the harmonization of trade standards, removal of barriers, and streamlining of processes will create new opportunities for trade in the region. With 15 countries in the tripartite bloc of COMESA-EAC-SADC having already ratified the agreement and more expected to follow suit, the momentum for enhanced trade facilitation is gaining traction. The agreement aims to create a more integrated block encompassing 29 African countries, boosting intra-African trade and fostering economic growth across the region. 

One of the key points highlighted by Asiimwe is the significance of aligning trade regulations and protocols within regional economic communities. By standardizing customs procedures, tariff frameworks, and rules of origin, countries can ensure transparent and competitive trade practices. The implementation of common external tariffs and simplified trade regimes within regional blocks like the EAC has already laid the groundwork for seamless intra-regional trade. The tripartite agreement seeks to expand on these initiatives, facilitating smoother trade flows and promoting economic cooperation on a broader scale. 

Moreover, Asiimwe emphasized the role of digital trade and investment protocols in modernizing African trade practices. With the launch of crucial frameworks such as the protocol on women and youth trading in Africa and the protocol on digital trade by the African Continental Free Trade Area Secretariat, the continent is paving the way for innovative trade opportunities. The agreement opens doors for digital giants like Amazon to tap into Africa’s vast market potential, driving digital connectivity and commerce within the region. In terms of economic impact, Asiimwe pointed out that the ratification of the tripartite agreement is poised to significantly boost intra-African trade volumes and enhance regional economies. While current intra-Africa trade stands at around 17 percent, there is immense potential for growth with the implementation of the agreement.