Mogadishu, Somalia -: In a landmark decision, the members of the Somali Parliament overwhelmingly approved the…
Mogadishu, Somalia -: In a landmark decision, the members of the Somali Parliament overwhelmingly approved the country’s accession to the East African Community (EAC) today. With 148 votes in favor, 1 against, and 1 abstention, Somalia officially becomes the eighth member of the regional economic bloc, joining ranks with DR Congo, Kenya, Uganda, Tanzania, South Sudan, Rwanda, and Burundi.
This historic move marks the culmination of years of dedicated efforts by the Somali government, aiming to unlock new economic opportunities for its citizens and businesses. Membership in the EAC grants Somalia access to a combined market of over 200 million people, facilitating trade, investment, and free movement of goods and services across the region.
Somali businessmen and citizens stand to benefit significantly from this development. Increased access to regional markets can boost exports of agricultural products, livestock, and other goods, while lowering the cost of imports. Additionally, free movement of labor within the EAC could provide valuable employment opportunities for Somalis across the region.
While challenges remain, such as infrastructural development and harmonization of regulations, the overall sentiment is one of optimism and anticipation. Joining the EAC is seen as a crucial step towards Somalia’s economic recovery and integration into the global market.
About the East African Community:
The East African Community (EAC) is an intergovernmental organization composed of member states in the African Great Lakes region. Its mission is to create a prosperous and peaceful East Africa through economic, political, and social integration. With a combined GDP of over $200 billion, the EAC offers a significant market for its member states and is poised to play a growing role in the region’s economic development.
Horseed Media
