East African Community Facts and Figures - 2012
The East African Community (EAC) is focused on widening and deepening the integration process among the five Partner States. The entry point of the integration process of the East African Community is the Customs Union which commenced in 2005. The EAC entered into a fully fledged Customs Union in January, 2010 and commenced the implementation of the Common Market 6 months later in July, 2010.
Earlier on, the EAC Heads of State at the extra ordinary Summit held in November 2007 directed the EAC Secretariat to develop a strategic framework to fast track the achievement of the monetary union by 2012. In response to the Summit directive, the EAC Secretariat commissioned a comprehensive study on the establishment of the East African Monetary Union (EAMU). This study was completed in January 2010.
Negotiations for the EAC Monetary Union Protocol commenced in January, 2011. The consolidation on the Customs Union and smooth running of a common Market and Monetary Union will invariably rely on availability of accurate, reliable, timely and comparable data for planning, monitoring and evaluation purposes. Equally, the successful adoption and implementation of the EAMU Protocol places a high premium on close and effective monitoring of macroeconomic performance.