A lot of activity has been taking place in Africa lately. The World Cup has been drawing constant attention to Africa, and recently five east African countries made history by forming a common market called The East African Community (EAC). Kenyan President Mwai Kibaki launched the EAC this week with Kenya, Tanzania, Rwanda, Burundi, and Uganda all agreeing to take part in the effort. This agreement will better allow people, products, and capital across borders, leading to improved trade and employment opportunities.
The East African Community was established by Kenya, Tanzania and Urganda in 1967, and collapsed shortly after due to political turmoil. It was brought back about 10 years ago with renewed interest. The market hopes to become a union in 2012, and eventually would like to reach a common currency. There ultimate goal is to become their own African nation.
The recent decision to take place in the East African Community could bring many benefits to the region. The ease of trade of goods and service should greatly stimulate the African economy, and will help to bring the region together. The five countries are home to 126 million people and have a shared GDP of $75 billion. Mwai Kibaki states that “This is a great region with vast potential for business and social networking for our people.”