EAC leaders in Arusha on Wednesday
South Sudan has been admitted as the 6th Country in East African Community (EAC), Rwanda Eye report.
The inclusion of South Sudan was endorsed at the heads of state summit of the EAC, chaired by the Tanzanian leader John Pombe Magufuli on Wednesday.
This will widen the market size of the region to a staggering 164 million people, a sizeable population capable of attracting billions of dollars in Foreign Direct Investments.
South Sudan’s admission endorsed by the Heads-of-State meeting in Arusha, Tanzania on Wednesday ends several years of waiting to join the regional economic bloc comprising Uganda, Kenya, Tanzania, Burundi and Rwanda.
EAC’s Growth Domestic Product is estimated at $134 billion.
Experts say the move is good for South Sudan which has been struggling with a crumbling economy following a two-year devastating war.
With a peace agreement in place and rebel leader Dr RiekMachar expected in Juba soon, the country’s growth prospects remain high.
For a common market to be successful there must be a significant level of harmonisation of micro-economic policies, and common rules regarding monopoly power and other anti-competitive practices.
Officials say the benefits of integration far outweigh any existing fears with strong trade ties being an important tool in enhancing peace and stability in Africa.