Experts from the East African Community (EAC) Partner States embarked on a four-day meeting in Arusha that sets the stage for negotiations for the East African Monetary Union. The EAC Secretary General, Amb Juma Mwapachu, opened the preparatory meeting negotiating the Protocol to establish Monetary Union by emphasising the importance of the next stage of the integration process to the region’s economy.
The EAC Secretary General noted that the Partner States need to integrate their economies more deeply for the region to achieve the Monetary Union, the third pillar of the integration agenda after the Customs Union and Common Market. The monetary union is expected to help eliminate price instability and exchange rate volatility, which he said would translate into a competitive business environment that spurs investment flows and growth.
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