Headlines

The NewsFuror

Tuesday, November 27, 2007

African nations in EU trade deal

Textile factory in Nairobi
African nations are looking to boost their exports to key markets
The five countries that make up the East African Community will open their markets to the European Union (EU).

An EU official said the deal will create a stepping stone to open trading relations between Kenya, Uganda, Tanzania, Burundi, Rwanda and the EU.

The new agreement will replace preferential trade obligations, which are due to expire in December.

A number of other nations in Western Africa, and some Pacific nations, have yet to accept the new arrangements.

EU preferential market access deals with many of its former colonies have been heavily criticised by other nations, particularly in Latin America.

These have been ruled illegal by the World Trade Organisation and the 27 member bloc has until the end of the year to establish new arrangements.

But concerns have been raised that the Economic Partnership Agreements could damage poor African countries by cutting their customs revenue.

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