The Deputy Minister for EAC of Tanzania announced the budget for East African Community (EAC) for 2014/15. The Budget was presented by the Minister on behalf of the Chair of the EAC Council of Ministers, to the East African Legislative Assembly on 4 June 2014. East African Community (EAC) members are Burundi, Kenya, Rwanda, Tanzania and Uganda.
The following priorities are given in the Budget 2014/15;
- The ratification process will include by July 2014 for the establishment of the East African Monetary Union and establish supporting institutions. Initiation of bills establishing support institutions for the East African Monetary Union.
- Ensure Single Customs Territory into operation covering the setting up of an institutional and administrative framework, complete elimination of customs-related non-tariff barriers (NTBs), and internal tax harmonization.
- Establish EAC common market protocol focusing on the free movement of goods, services, labor and capital, and the rights of establishment and residence.
- To conclude negotiations for the establishment of a Tripartite (EAC-COMES-SADC) Free Trade Area.
