NBAA SEMINARS 12-13 JULY, 2014

Macro-fiscal Policy, Advocacy and Tax Expert [URT]

Ministry of Energy and Minerals [TMAA]

EAC Regional Analyt ical

Comparison of Fiscal and

Macro-economic Trends

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Mutual Trust Political Will Sovereign Equality Peaceful Co-existence

Good Neighbourliness Peaceful Settlement of Disputes

Good Governance Equitable Distribution of Benefits

Mutual Benefit

People-Centred Creation of Enabling Environment

Rule of Law

Market-Driven

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Free movement of goods

Common External Tariff

Removal of NTBs

Trade Facilitation

Institutional Framework

for Customs Management

Figure 2: PILLAR 1

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Free movement of Capital

Right of Establishment

and Residence

Figure 3: PILLAR 2

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Free movement of

Services

Free movement of

Persons and Labour

Figure 3 Cont..: PILLAR 2

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Free movement of Capital

Right of Establishment

and Residence

Figure 3 Cont.: PILLAR 2

COMMON MARKET

The rationale:

it has the potential to build economies of scale, accelerate

competitiveness, and bring the region into a single investment

destination and expands opportunities for the private sector and uplift

the living standards of EAC citizens in a way that no Partner State can do

on its own.

It calls for strong implementation by all the Partner States, so as to

deliver the rights and freedoms enshrined in the EAC Common Market

Protocol in line with the robust implementation cycle: including planning,

implementation and monitoring of progress.

it combines the region’s economies, create new opportunities for the

private sector and increase competitiveness. However, a common market

requires that people, goods, services and capital move freely.

COMMON MARKET

Since the Protocol came into force in 2010, Rwanda, Tanzania, and Uganda have introduced at least 10 restrictions on the movement of capital. In services, several new restrictions have been introduced or carried over from older laws since the Protocol was signed. And in goods, where obligations started earlier at the enactment of the Customs Union Protocol, 51 non-tariff barriers (NTBs) arising from regulatory measures by governments were identified between 2008 and June 2013.

Many of the restrictions on the free movement of capital, services, and goods inhibit or make entry into the market unduly expensive. But several forms of discrimination persist even after entering the market—such as different fees for transactions and government services, ceilings on the value of transactions, limits on the type and length of projects for service providers, and higher taxes for foreign firms. Some barriers, such as restrictions on personal capital transactions and on the transfer of shares in firms, affect even firms seeking to exit a particular economy.

COMMON MARKET

A lenient attitude toward exemptions is slowing the development of the common

market. Exemptions are legal mechanisms among Partner States to exclude

individual Partner States from specific obligations to the common market. But

when not closely regulated, exemptions can undermine the achievement of a

common market. For example:

1.Apart from their membership in the EAC, all Partner States are also

members of other regional integration schemes, making it very difficult to

construct a common market enabling a free circulation of goods within

the region.

2.All Partner States except Burundi restrict the free movement of capital

for prudential reasons without notification.

3.Some Partner States have not committed to fully liberalize their services

trade.

FREEDOM OF MOVEMENT OF CAPITAL ARTICLE 24 Article 24 of the EAC Common Market Protocol requires the Partner States to eliminate

restrictions on the free movement of capital. That includes restrictions based on nationality,

place of residence, current payments, and where capital is invested. Annex VI of the protocol

identifies 20 operations that should be free from legal and regulatory encumbrances. These

operations cover securities, credit, direct investment and personal capital transactions. The

review of laws and regulations concerning movement of capital in the five EAC Partner States

determined how they complied with these key obligations.

All EAC Partner States have restrictions that affect inward investment from other EAC economies.

Only 2 out of the 20 capital operations are free of restrictions in all Partner States. These are

external borrowing by residents and repatriation of proceeds from sale of assets. All other 18

operations have at least 1 Partner State restricting the operation.

Kenya’s laws and regulations make it easiest to move capital across the EAC. Tanzania and

Burundi make it hardest.

Capital controls are the most severe restriction on the movement of capital across the EAC,

affecting the majority of transactions covered under the protocol. Burundi’s controls restrict 7

operations and Tanzania’s restrict 12.

COMMON MARKET

No EAC state has developed regulation for derivatives.

4 EAC Partner States—Burundi being the only exception—have introduced

exemptions to the protocol without following the requirements for notification

of the other Partner States or the EAC Secretariat. At least 9 such exemptions

are in place, guided by concerns about prudential supervision, public policy,

money laundering, financial sanctions agreed to by the Partner States, and

financial disturbances.

Despite the protocol coming into force in 2010, and contrary to the

requirements of Article 24, new restrictions on the movement of capital have

been introduced in some Partner States’ laws.

FREEDOM OF MOVEMENT OF SERVICES [ARTICLE 16] Article 16 of the protocol guarantees the free movement of services supplied by nationals of EAC

Partner States within the community. That includes supply of services from the territory of a Partner

State to consumers in another Partner State, supply of services to consumers who have travelled

abroad, foreign direct investment from one Partner State into another one, and temporary movement

of professionals to supply services in another Partner State.

A review of more than 500 key sectoral laws and regulations of the EAC Partner States identified at

least 63 measures inconsistent to commitments to liberalize services trade within the EAC. The

review focused on professional services (legal, accounting, architectural, and engineering), road

transport, distribution (retail and wholesale), and telecommunications legislation.

Professional services account for nearly three-fourths (73%) of the 63 identified measures, led by

engineering (16), accounting (14), and legal services (10). The other measures involve road

transport (15) and wholesale distribution (2).

Telecommunications and retail were the only studied sectors with no identified measures

inconsistent to the protocol. However, restrictions on services trade within the EAC still exist in these

sectors, and they are scheduled for elimination before 2015.

Scope of East African Common Market (2014) Tanzania Regulations 2, 3 and 7 of the Capital Markets and Securities

(Foreign Investors) Regulations 2003

These regulations define foreign investors to

include those from EAC Partner States, and in

subsequent clauses impose limits based on this

definition. These limits include a purchase ceiling

of 60% of issued securities for foreign investors, a

purchase ceiling of 1% of issued securities for a

single foreign investor or by two or more foreign

investors jointly, a purchase ceiling of 5% of

issued securities for institutional foreign investors. These regulations also require that a foreign

investor shall, prior to any sale of its shareholding intimate its intention to sell to the Authority and the authority shall consider and direct the sale to proceed or otherwise impose conditions on the sale as the Authority considers necessary for investor protection.

Noncitizens, except financial institutions, are also prohibited from participating in the purchase or sale of government securities under regulation 3 (2).

Burundi Article 16 (2) of the Law 1/01 of 9/02/2012 amending law N0 4/03 of 19/02/2009 on the organization of the privatization of companies with public participation, services, or works

Article 16 authorizes the Inter-ministerial Privatization Committee to establish contracts with domestic or foreign individual and entities. Then, based on the views of the Service in Charge of State Enterprises, the committee can decide whether some or all securities should be sold only to Burundian citizens or companies. It also establishes rules and procedures for subsequent transfer of these securities to foreign investors.

Uganda Income Tax (Amendment) Act 2006 Part V Schedule 3 Sections 117 and 118,

The Income Tax (Amendment) Act 2012, Part V

Schedule 3 Sections 117 and 118 (3)

Residents receive a potentially lower withholding tax rate than do non-residents for dividend payments on listed securities. The withholding tax rate applicable for interest payments on government securities to a resident person is specified, but not that for non-residents, thus generating uncertainty.

Rwanda Law N0. 55/2007 of 30/11/2007 Governing the Central Bank of Rwanda, Article 55

The law potentially allows the Central Bank to intervene in money markets, especially for lending, borrowing, selling, or buying liquid assets, as well as pensions and all other negotiable instruments.

Kenya

No restrictions No restrictions

COMMON MARKET

Inconsistent measures were found not only in sectoral legislation, but also in

laws that cut across all sectors. A partial, complementary review of the

Partner States’ principal investment and company laws identified 11

additional measures in the EAC region.

None of the Partner States have been complying with their obligation to

regularly inform the EAC Council of any new laws and administrative

guidelines that affect trade in services.

However, the integration boosted the volume of intra trade among member

countries. Kenya remains the main source of imports for all other countries

in the block although its self receives a small amount of imports from them.

But like all other countries it’s overall trade position remains weak with a

widening trade balance reflecting that imports continue to surpass exports.

FREEDOM OF MOVEMENT OF GOODS ARTICLE 5(2)(a) Partner States committed to eliminating tariff and non-tariff barriers to trade, establishing a

common external tariff, and harmonizing and mutually recognizing certain trade standards. The

Partner States are required to take all steps to achieve these obligations through national and

regional laws and regulations. In addition, EAC customs laws bar Partner States from introducing

measures inconsistent with these obligations. The review examined legal obligations arising from

the four commitments above, and entailed a review of laws, regulations, legal notices and trade

statistics relevant to the movement of goods in the EAC.

All Partner States still apply non-tariff barriers (NTBs), with most related to sanitary and

phytosanitary measures, rules of origin, additional taxes and charges, and technical barriers to

trade. The fact that an important number of NTBs relate to standards and phytosanitary standards

shows that effective implementation in this area remains a problem.

Though most Partner States are in formal legal compliance with the obligation to introduce a

common external tariff, they are all members of multiple free trade areas. This means that the

Partner States apply different tariffs to extra-regional trade partners. These and other exceptions

impede the effective free circulation of goods within the EAC.

MONETARY UNION Tanzania Becomes First Partner State to Ratify EAC Monetary Union Protocol

Though some Members of the Tanzania National Parliament had reservations on the ratification of the Protocol especially due to geo-politics dynamism and creation of the so called Coalition of the Willing (CoW), but economic indicators support the move in order to put our country to be in the right track to economic supremacy.

Under the Protocol, the EAC partner States are expected to surrender monetary and exchange rates policies to the East African Central Bank leading to a single currency regime within the region, whereas National Central Banks will remain with the mandate of managing Fiscal policy, Fiscal discipline and harmonize them with the other Partner States' National Central Banks.

The Protocol will be implemented over a ten year period, subsequently leading to creation of regional financial institutions whose mandate will be to stabilize financial prices as well as monitoring, surveillance, statistics and enforcing compliance of all other macro finance matters, including buffering of any emerging economic shocks.

Union will eliminate the costs attendant to juggling different currencies thereby reducing transaction costs and minimizing inflation in the region, thus creating an economically stabilized region with a conducive environment for Direct Foreign Investment and therefore uplifting the economic standard of its people.

MACRO ECONOMIC INDICATORS

7.2

6.1 6.4

7.4

4.6

6.8

5.7 5.6

7.5

4.5

6.5

4.2 4.5

7.7

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1

2

3

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9

Tanzania Uganda Kenya Rwanda Burundi

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EAC MEMBER STATES

FIGURE 4: TREND ANALYSIS OF REAL GDP GROWTH

(2012-2014)

Real GDP Growth

(2014)

Real GDP Growth

(2013)

Real GDP Growth

(2012)

REAL GDP GROWTH

FOR TANZANIA

Tanzania has experience a 3% decline in international trade. The Decline in

export has affected all sectors of the economy with the exception of the

transportation and travel services sector which posted an impressive 15%

growth. The decline was largely driven by decrease in the value of capital goods

especially of machinery. By contrast, the total value of intermediary imports

increased by more than 17% largely driven by increases in the value of imports

of oil and fertilizers

The main drivers of growth are telecommunications, transport and financial

intermediation, manufacturing and construction, and trade

Attributable to implementation of a prudent Monetary Policy resulting in

growth in Money supply coupled with improved food supply

Ongoing investments in infrastructure

The discovery of large Gas reserves

Increase in FDIs associated with Oil and Gas Exploration

REAL GDP GROWTH

FOR KENYA

Higher level of investment both foreign and local as well as strong growth in the agricultural sector

over the longer term;

The development of Kenya's oil sector contributes significantly to GDP expansion while

infrastructure and improved agriculture to over 25% to total GDP boosts efficiency level.

FOR RWANDA

GDP increased due to tight monetary policy and decrease in political risks

FOR BURUNDI

GDP increased due to tight monetary policy and decrease in political risks

FOR UGANDA

Drought, weaker demand of exports, high international fuel prices and imported inflation coupled

with the weak Ushs due to strong dollar globally decelerated the growth as anticipated

However, Government made significant progress in the Oil, Gas and Petroleum development. The

Oil refinery will be developed as a PPP with selected lead sector holding 60% shareholding and

the Government and participating EAC community Partner sates holding up to 40% of the Oil

refinery equity

MACRO ECONOMIC INDICATORS

6.5 5.4

6.7 6.8

3.4

8.8

7

4.9

2.98

8.2 7.7

16

7.74

4.7

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0

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8

10

12

14

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18


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EAC MEMBER STATES

FIGURE 5: REAL INFLATIONARY TRENDS (2012-2013)

Inflation (2014)

Inflation (2013)

Inflation (2012

REAL INFLATIONARY TRENDS

FOR TANZANIA

Tight Fiscal and Monetary Policy brought down the price level and restored

macroeconomic stability; though still high electricity tariff, high prices of oil

and food especially rice and sugar prices are factors for inflationary trends.

FOR UGANDA

Improvement of current account balance and a mildly expansionary fiscal

policy

Tight monetary policy; government expenditure with low inflation easing

international commodity prices and stable exchange rate

FOR RWANDA

Tight monetary policy; government expenditure; stable exchange rate and drop

in food and fuel prices

FOR BURUNDI

Tight monetary policy; government expenditure; stable exchange rate and drop

in food and fuel prices

TREND OF INTEREST RATES

13

11.5

9.5

6

12.5 12

11

8.9

7.5

8.48

12.7

16.2

11

8

11.2

0

2

4

6

8

10

12

14

16

18


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G

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EAC MEMBER STATES

Figure 6: TREND OF INTEREST RATES (TB)

Interest Rate (2014)

Interest Rate (2013)

Interest rate (2012)

TREND OF INTEREST RATES

FOR TANZANIA

slow implementation of credit reference data bank; Credit Reference Bureau

in the country; the premature stage of NIDA and high costs in doing business

due to poor infrastructures impacted on high interest lending rates

FOR UGANDA

Tight monetary policy; government expenditure with low inflation easing

international commodity prices and stable exchange rate

FOR RWANDA

Tight monetary policy; government expenditure; stable exchange rate and

drop in food and fuel prices

TREND OF GDP IN CURRENT PRICES AND PER CAPITA IN USD]

- 5,000.00 10,000.00 15,000.00 20,000.00 25,000.00 30,000.00 35,000.00 40,000.00 45,000.00 50,000.00

Tanzania

Uganda

Kenya

Rwanda

Burundi

GDP FIGURES IN USD

EA

C M

EM

BE

R S

TATE

S


GDP Per Capita Current Prices (USD)

2012599.19 392.71 992.95 1,341.00 556


2013663 602.72 1072.85 1,591.71 625


2014619 642 902 686 155.06

GDP (Current Prices in USD 2013 28,539.90 21,312.20 40,413.18 7,223.00 1,568.00

GDP (Current Prices in USD 2014 30,566.00 23,631.00 43,308.00 8,467.00 1,560.00

Figure 7: GDP (Current Prices and Per Capital in USD)

TREND OF GDP IN CURRENT PRICES AND PER CAPITA IN

USD]

Tanzania Ranks Tanzania No. 168 in world rankings according to GDP Per Capita (Current Prices, US Dollars) in year 2013. The world's average GDP Per Capita (Current Prices, US Dollars) value is US$ 13531.15; Tanzania is US$ 12,868.04 less than the average

Uganda Makes Uganda No. 164 in world rankings according to GDP Per Capita (PPP), US Dollars in year 2013. The world's average GDP Per Capita (PPP), US Dollars value is US$ 15173.51; Uganda is US$ 13,713.89 less than the average.

Kenya Ranks Kenya No. 153 in world rankings according to GDP Per Capita (Current Prices, US Dollars) in year 2013. The world's average GDP Per Capita (Current Prices, US Dollars) value is US$ 13531.15; Kenya is US$ 12,458.30 less than the average.

Rwanda Ranks Rwanda No. 160 in world rankings according to GDP Per Capita (PPP), US Dollars in year 2013. The world's average GDP Per Capita (PPP), US Dollars value is US$ 15,173.51; Rwanda is US$ 13,581.80 less than the average.

Ranks No. 182 in world rankings according to GDP Per Capita (Current Prices, US Dollars) in year 2013. The world's average GDP Per Capita (Current Prices, US Dollars) value is US$ 13,531.15; Burundi is US$ 13,242.70 less than the average.

EXCHANGE RATES


Exchange rate (2014) 1,665.70 2,674.35 87.78 689.92 1,542.40

Exchange rate (2013) 1,632.58 2,574.12 86.2 649.912 1,539.60

Exchange Rate (2012) 1,533.20 2,388.00 87.7 600 1,439.50

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

PE

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EN

TA

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DS

Figure8: Comparison of Exchange Rates

TRENDS OF THE EXCHANGE RATES

FOR TANZANIA , UGANDA , RWANDA AND BURUNDI

confidence in the foreign exchange market coupled with build-up of

foreign exchange reserves

FOR KENYA

Remained stable marginally in April 2013. due to confidence in the

foreign exchange market following the elections in March 2013 and

coupled with build-up of foreign exchange reserves.

OTHER ECONOMIC CONSIDERATIONS

EAC Regional Comparative Analysis of FDI Flows and Value

of Greenfield FDI Projects

FISCAL COMPARATIVE ANALYSIS

Size of the Budget(USD

Billion) Population(Million)

Tanzania 18.6 42.8

Uganda 11.1 44.9

Kenya 4.6 34.5

Rwanda 2.5 11.6

Burundi 2.4 9.8

FISCAL COMPARATIVE ANALYSIS

Interest

rate

The general rate on

interest paid to residents

and non-residents is 15%

Non-resident is subject

to a 15% withholding

tax unless the rate is

reduced under a tax

treaty.

Allowable in full except where a

foreign-controlled resident company

which is not a financial institution

has a foreign debt-to-equity ratio in

excess of 2:1 at any time during a

year of income. A deduction is

disallowed for the interest paid by

the company during the year on that

part of the debt which exceeds the

2:1 ratio.

The general rate on interest paid to residents

and nonresidents is 10%; exemptions are

available for interest earned by nonresidents on

deposits in banks registered by the Bank of

Tanzania and on interest paid to resident

financial institutions.

Royalties residents are subject to

5% withholding tax; the

rate is 20% for royalties

paid to nonresidents

Non-resident are

subject to a 15%

withholding tax unless

the rate is reduced

under a tax treaty.

The withholding tax on royalties paid to

residents and nonresidents is 15%

Capital

Gains Tax

20% Suspended in 1985 Taxable as ordinary

income at the standard

rate of corporation tax

of 30%

Capital gains are added to the

income from all other sources and

taxed at the rate applicable to that

person

Gain or loss is included in business or

investment income and taxed at 30%. For land

and buildings, a single installment is payable at

10% for residents and 20% for non-residents at

the time of transfer, which is creditable against

the final tax liability.

Thin

Capitaliza

tion Rule

No specific

regulation

regarding transfer

pricing, although

there are some

inspections made

in the context of the

value of imported

goods. No specific

regulation on thin

capitalization.

Interest expenses are proportionately

restricted for foreign controlled

companies (other than licensed financial

institutions) when the ratio of all

interest-bearing liabilities exceeds 3

times the payer's issued and paid up

capital and revenue

reserves/accumulated losses. Control,

for CFC purposes, includes

participations of at least 25%.

Interest on a loan between

related parties that exceeds 4

times the amount of equity

may not be deducted from

taxable income unless the

taxpayer is an individual. This

rule does not apply to

commercial banks and

insurance companies.

Allowable in full except where a

foreign-controlled resident

company which is not a financial

institution has a foreign debt-to-

equity ratio in excess of 2:1 at

any time during a year of

income. A deduction is

disallowed for the interest paid

by the company during the year

on that part of the debt which

exceeds the 2:1 ratio.

An interest deduction for payments

made by an exempt controlled

resident entity (as defined) is

limited to the sum of interest

income plus 70% of total income,

excluding interest income and

interest expenses. Non-deductible

amounts may be carried forward.

Safe Harbour Limit applicable to

Mining companies is 7:3

Loss

Carry-

Forwards

Business, investment income (other

than for financial institutions, for which

investment income is considered

business income), rental and income

from agriculture are assessed

separately and losses only may be

utilized against taxable income from the

same source. As from 12 June 2009,

tax losses may be deducted in the year

in which they arise and the 4 following

years of income (previously, an

indefinite carry forward was allowed).

Losses may not be carried back and

capital losses are not deductible.

Losses may be carried

forward for 5 tax periods. The

carryback of losses is not

permitted. Earlier losses

being deducted before later

losses.

Carried forward indefinitely. The

carryback of losses is not

permitted.

Subject to continuity-of-ownership

and same business tests, losses

may be carried forward indefinitely.

The carryback of losses is not

permitted.

Alternativ

e

Minimum

Tax

Not Applicable Not Applicable Not Applicable Not Applicable A company making tax losses for 3

consecutive years becomes liable

to a minimum tax at 0.3% on

turnover

Anti-Avoidance

Rule (Transfer

Pricing)

Kenyan law requires arm's

length pricing between related

enterprises in line with the

OECD guidelines. New

definition that targets taxation of

income from

natural resources to include

consideration paid to take

minerals and living or non-living

resources from the land or sea.

When independent

parties deal with one

another, the terms of

trade are determined by

market forces and may

be presumed to be at

arm's length.

Uganda law requires arm's length

pricing between related enterprises.

Compliance with the OECD

guidelines generally ensures

compliance.

Taxpayers are required to apply the arm's

length principle to transactions between

associates, both resident and nonresident.

Transfer pricing guidelines are being drafted.

Capital Allowance The wear and tear allowances

are charged on capital

expenditure on machinery and

equipment annually Class 1;

37.5% Class2; 30%

Class3;25%.Class4;12.5%;

Investment deduction is 100%

capital allowance. For capital

expenditures intended for

manufacturing purposes

exceeding sh.200 million set up

outside Nairobi, Kisumu or

Mombasa, the investor can

claim 150% allowance.

An investment allowance

of forty percent (40%) in

new or used assets may

be depreciated excluding

motor vehicles that carry

less than eight (8)

persons, except those

exclusively used in a

tourist

IBD 20% initial+5 annual WDV; Plant

and Machinery 50% to 75% initial

+annually on reducing

balance20%:30%:35%:40%;

Commercial Building Straight Line

5%; 100% Mineral exploration

expenditures and Depreciation

allowance for all depreciable mining

assets is 30%; Scientific Research

Expenditure 100%; W&T ranges

from 20% to 40%

Capital Deductions Buildings Straight Line

Agriculture/Livestock/Fisheries 20%; other

5%; Plant and Machinery Initial allowance

Agriculture 100%; Manufacturing initial

allowance 50%; Plant and Machinery

annually on reducing balance Class 1

37.5%; Class 2 25%; Class 3 12.5%; Mining

Development 100%; Agricultural

improvement 100%; Research and

Development 100%

ACHIEVEMENTS OF THE EAC Increased intra-EAC Trade:

Intra-EAC trade has grown by over 50% as a result of the Customs Union since its launch.

URT and other States registered a surplus budget in its intra-EAC trade from 2010. This trend is principally due to coherent regional policy measures that have enabled EAC to fully implement a free trade regime coupled with continuous improvement in trade facilitation,”

Signing of the Double Taxation Avoidance Agreement in December 2010 is expected to increase benefits of Customs Union

Significant cross-border Investments and Foreign Direct Investment Inflows Contrary to initial fears, there is a general fair spread and distribution of the benefits among the Partner States under the Customs Union.

ACHIEVEMENTS OF THE EAC

Partner States have agreed on a programme to review internal laws to

conform to the CM fully by 2015

Some Partner States have relaxed travel and work permit requirements for

East Africans

East Africans treated as residents while visiting Partner States

Priority given to projects in infrastructure - Roads, Railways, Inland

Waterways, Ports and Harbours, Communications/ICT, Energy and Civil

Aviation, Energy, Environment and Natural Resources Management and

Food Security

24 hour opening of border points within the region, opening of more border

points and creation of one stop border points for busy points e.g Malaba,

Katuna, Namanga, Busia, Gasenyi/Nemba, Isebania

Project on Integration of financial markets has been initiated

Modalities on transferability of workers’ social security benefits are being

negotiated

CHALLENGES

Lack of awareness by the Nationals of the Partner

States on the EAC integration agenda and the benefits

of the integration process.

Lack of comprehensive sensitisation of the East

Africans on the provisions of both the CU and the CM

Protocols. inappropriate trade facilitation; inadequate

revenue management; inappropriate customs trade

partnership; inadequate human and capital resources;

NTBs to Customs Union – Road blocks, paper work, i.e

slow pace in the elimination of NTBs …

Slow start of Common Market despite high expectations

during its launch

CHALLENGES

Crowded calendars of National Assemblies could delay amendment of national

laws to conform with provisions of the CM Protocol

trade challenges from multiple memberships; and poor state of infrastructure.

Others include inadequate relationships with the private sector and international

organizations; weak legal, regulatory and dispute settlement mechanisms; high

derogation of CET; and inappropriate harmonization and application of Rules of

Origin.

THANK YOU

NBAA SEMINARS 12-13 JULY, 2014

Documents

Transcript of NBAA SEMINARS 12-13 JULY, 2014