EAC COMMON MARKET UPDATE
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1 EAC COMMON MARKET UPDATE Tracking Tanzania s Compliance to the EAC Common Market Protocol Dar es Salaam, November 22, 2016
2 EAC Common Market Protocol WHAT DID THE EAC PARTNER STATES COMMIT TO? +2,700 commitments Capital Services Goods Roll back & stand still on measures A system of exemptions
3 EAC Common Market Protocol Rigorous, Transparent, Timely Accelerates Trade & Investment EAC Common Market Update Ex-ante monitoring Tracks bills, draft regulations & administrative notices Monitors subnational actions Tracks municipal & county regulations & administrative notices
4 How Does EAC s Economy Compare with Peers? Emerging Economies GDP 2015 Selected African Economies GDP 2015 India 2,073 Nigeria 481 Brazil 1,774 Egypt, Arab Rep. 330 Mexico 1,144 South Africa 312 Turkey 718 Algeria 166 EAC 154 EAC 154 Hungary 120 Angola 102 $bn $bn Source: World Bank Source: World Bank
5 Movement of Capital Facilitates trade and deepens financial markets
6 20 Operations to be Free of Restrictions Movement of Capital Article 24, EAC Common Market Protocol: Eliminate Restrictions based on Nationality, Place of Residence, Current Payments, Where Capital is Invested. 20 OPERATIONS Securities Operations 1-14 Credit Operations Direct Investment Personal Capital Transactions 20 Source: EAC Common Market Protocol
7 Key Observations Movement of Capital restricts participation by EAC firms. products abroad by residents. requires external funds.
8 Implementation Status Movement of Capital REFORMS Permits Tanzanian residents to participate in foreign securities markets using external funds. Allows other EAC citizens participation in GoT Bond Market but with a 40% cap. Allows EAC citizens to participate in Tanzanian securities markets without limits. However Tanzanian residents can only buy such securities using externally generated funds. Source: East Africa Trade and Investment Hub
9 Implementation Status Movement of Capital REFORMS IN OTHER EAC PARTNER STATES - KENYA Repeals S. 22 of the Insurance Act, now allowing citizens of EAC Partner States to own at least one third of controlling share capital of an insurance company. Repeals requirement that at least 60% of paid up capital of an insurance broker should be owned by Kenyans, reserves that portion to citizens of EAC Partner States. Kenya now complies with requirement to establish regulations for derivative products. Emphasizes that any proportion of the voting shares of an issuer after an initial public offering shall be available for investment by foreign investors without any restrictions in the level of holdings, unless excepted. Source: East Africa Trade and Investment Hub
10 Implementation Status Movement of Capital NEW RESTRICTIONS Tightens participation by EAC-domiciled firms in public procurement
11 Implementation Status Movement of Capital NEW RESTRICTIONS IN OTHER EAC PARTNER STATES - KENYA Mineral rights only for Kenyan companies, mineral dealerships 60% owned by Kenyans, artisanal mining companies owned 60% by Kenyans. Regulation 17(1) provides that at least fifteen per cent of the paid up share capital of a derivative exchange shall be held by a Kenyan entity. citizens of Kenya. Companies seeking to be registered to offer private security should have at least 25% of its shareholding held by Kenyans.
12 Implementation Status Movement of Capital CONTAIN INCONSISTENT MEASURES TANZANIA Media Services Bill 2016 prescribe shareholding of foreign firms. EAC firms are considered foreign. Public Procurement and Disposal of Public Assets Act 2016 (Zanzibar) Gives Zanzibari firms preference and mandates local Zanzibari content. KENYA Local Content Bill 2016 Gives preference to Kenyan firms operating in the extractives sector.
13 Implementation Status Movement of Capital RECOMMENDATIONS Impact studies to demonstrate positive results of reforms Technical support to develop the derivatives market Stronger focus to reform movement of capital commitments
14 Movement of Services Raises productivity and DSFBUFT OFX KPCT
15 Movement of Services Business Communication Construction and Engineering East African Community has committed to liberalize 7 of 12 sectors currently covered by Trade in Services Distribution Education Environment Financial Health Tourism and Travel Recreation, Cultural, and Sporting Transport Other
16 Movement of Services GDP Per Capita Contribution of Services to GDP Australia 56, % 80, % Denmark 52, % Kenya 1, % 74, % Singapore 52, % United States 55, % Tanzania % for nearly two-thirds of Source: East Africa Trade and Investment Hub
17 The Four Modes of Supply of Services Movement of Services Location of Provider Location of Consumer MODE 1: Cross-border supply Service supplier NOT present within the territory of the Partner State MODE 2: Consumption abroad MODE 3: Commercial presence MODE 4: Presence of a natural person Service supplier present within the territory of the Partner State Source: WTO
18 Key Developments Movement of Services in line with DTA. for public procurement. the period.
19 Implementation Status Movement of Services REFORMS Zero rates VAT for services supplied by non-resident service suppliers consistent with the Agreement on the Avoidance of Double Taxation Mandates local content requirements for foreign procuring entities Recognizes professional qualifications of accountants from the EAC by domesticating the accountants MRA.
20 Implementation Status Movement of Services NEW RESTRICTIONS Tightens participation by EAC-domiciled firms in public procurement
21 Implementation Status Movement of Services NEW RESTRICTIONS IN OTHER EAC PARTNER STATES KENYA Engineering Technologists and Technicians Act 2016, S. 18(1) (b) Requires Kenyan residency and firms, local incorporation and at least 51% of shares must be held by Kenyan citizens.
22 Implementation Status Movement of Services INCONSISTENT MEASURES KENYA Local Content Bill 2016 Preferential treatment to Kenyan suppliers in mining, mandatory skills transfer. ICT Practitioners Bill 2016 Requires Kenyan registration and certification to engage in ICT services. Energy Bill 2015 Petroleum Bill 2015 Mandatory local goods, services, labor, training and financing. TANZANIA Fisheries Institute Bill 2016 Agricultural Institute Bill 2016 Additional registration procedures, mandatory local partnerships. Medical, Dental and Allied Health Professionals Bill 2016 Additional clearance by Medical Council, limited practice license. Chemist Professionals Bill 2016 Temporary and specific registration for non-residents.
23 Movement of Services Engineers Act, Cap 530 A, Section 20 (1) (c) a person may register an engineering consulting firm if at least fifty one percent of the shares in the firm are held by Kenyan Citizens. Largest private investment in Kenya s Helios disposal of 24.99% of shareholding in Equity Group Advocates Act, Cap 16, Section 11 (Amended 2012) Restricts advocates from other EAC Partner States from Kenyan Courts unless instructed by, and if appearing in court has to any pleadings in court.
24 Implementation Status Movement of Services RECOMMENDATIONS Introduce a common market test to aid the legislative process to determine overall implications of liberalization
25 Movement of Goods %SJWFT FDPOPNJD HSPXUI BOE expands consumer choices
26 Key Observations Movement of Goods Eliminate Tariffs and Equivalent Measures Eliminate Non Tariff Barriers Article 5 (2) (a) EAC CMP Implement the External Tariff Sanitary, Phyto-sanitary Standards and Technical Barriers to Trade
27 Key Observations Movement of Goods
28 Movement of Goods measures of equivalent effect and fail to abide by ROO requirements. Measures Imposed by Tanzania verification at Nairobi ICD licences very expensive Kenya at border Measures Imposed against Tanzania Source: EAC Common Market Protocol, EAC Secretariat.
29 Movement of Goods application for one year - EAC Legal Gazette Notice, 30th June 2016 Iron and steel products Duty rate of 10% instead of 25% Wheat grain Duty rate of 10% instead of 35% Crude edible oil Duty rate of 10% instead of 0% Selected paper Duty rate of 25% instead of 10% Cement Duty rate of 35% instead of 25% Industrial Sugar Graduated remission to 2019 Source: EAC Common Market Protocol
30 Movement of Goods TBT/SPS Measures Imposed by Tanzania
31 Implementation Status Movement of Services RECOMMENDATIONS Ratify the EAC SPS Protocol Accelerate legal amendments to reduce NTB burden Actively participate in the external tariff
32 For further enquiries please contact: ALFRED OMBUDO K OMBUDO LEAD AUTHOR akombudo@eatradehub.org
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