The same week that the European Union elected its first President and Foreign Minister, the East African Community celebrated its 10th birthday and officially established a common market to further boost trade and commerce within the region. The agreement will be ratified and come into effect in July 2010 although the benefits may not be felt until 2015 due to pending issues.

     Nevertheless, this is no small feat because the first attempt to establish an East African Community, back in the 70s had failed. After it was revived in the mid 90s, the process of merging together regional economies and defining common policies slowly began until it was formalized in 2001. Five countries currently make up the East Africa Community: Kenya, Tanzania, Uganda, Burundi and Rwanda. Although this number may seem insignificant compared to the 27 countries that make up the European Union do not let appearances deceive you.
     East Africa is home to 126 million people who share a common history, culture and – to some extent - even language (Kiswahili). GDP growth in East Africa averaged 7.3% in 2008. Foreign direct investment inflows to the region leapt to $1.73 billion in 2008 from $692 million in 2002, with Uganda and Tanzania receiving the largest proportion, according to data from the EAC and U.N. Conference on Trade and Development. In 2008 the region had a gross domestic product of $60 billion. The EAC Secretariat says that trade in the region has increased 49% since the customs union was formalized.
     Although some fear that Kenya and Tanzania, the largest economies in the region, will dominate others, there is no doubt that small land locked countries like Burundi and Rwanda will benefit form increased trade and access to markets.
    For comparisons’ sake, the EU has 495 million inhabitants — the world’s third largest population after China and India. In 2008 economic growth in the 15-nation Eurozone (only counting the countries that share a common currency) was lower than 2%, while gross domestic product in the 27 bloc of nations in 2008 was estimated to be about 15 trillion US$.
    One day East Africa too will elect a President and perhaps a Minister for Foreign Affairs, just like the EU recently did. This will require going beyond economic integration to embrace political integration. I can’t tell you how many times I have wished that the current Rwandan President would come to lead Kenya, even for a short period of time, on ‘a loan’ basis. For starters, there would be much less corruption then there is today in Kenya. The country would be cleaner, just like Rwanda is, and approaching a police roadblock at night might actually turn into a pleasant experience.
     But dreams aside, East Africa is slowly becoming an attractive investment destination and a force to reckon with on the continent and among emerging economies. The Chinese have already reached this conclusion, which is why they are investing heavily in building roads and making deals with all the governments in the region. It’s time for the EU to shift its focus on East Africa, from handing out aid to initiating business deals.