MEFMI Region Consolidating Knowledge on Regional Integration and Trade Issues

The joint MEFMI/IMF/East-AFRITAC course on “Economic Issues in Regional Integration” commenced in Arusha, Tanzania on 2 March 2014 with 29 participants from 12 of the 14 MEFMI countries. The officials in attendance include regional integration and trade negotiators and analysts, some of whom sit in important committees of the Regional Economic Communities (RECs) namely the EAC, COMESA, SADC and SACU.

The event was officially opened by Mr. Juma Reli, Deputy Governor of the Bank of Tanzania. In his official opening remarks, Mr. Reli pointed out that MEFMI and the region are most grateful for the collaboration with the IMF and its partner institutions which has strengthened capacity building efforts in the region. He assured the IMF team and East-AFRITAC that the region takes the collaboration seriously. With the collaboration and other forms of support received, the region has recorded considerable progress in refining capacity and skills in quest to develop relevant and applicable policies for strengthening regional integration.

He commended IMF and East-AFRITAC for supporting capacity building in the area of regional integration. He pointed out that the interventions have been critical in providing consolidated knowledge on regional integration and trade issues that has empowered the RECs and member states to make meaningful contributions to the implementation and advancement of regional integration protocols. He argued that the region envisages that the sustained interventions will facilitate effective policy formulation and implementation. Ultimately, this is expected to speed up the integration process by providing a common understanding for achieving economic diversification, structural transformation, and poverty reduction at regional level.

He pointed out that enhancing regional integration and trade in the MEFMI region is critical in addressing the myriad of regional economic challenges facing the region. The challenges are posed by the very nature of the economic environment which is punctuated by small fragmented domestic markets, high production and transaction costs, deficient investment climate and low per capita incomes.

The Deputy Governor pointed out that the 29 participants are expected to emerge out of the workshop well equipped to effectively formulate and analyse policies and engage in the implementation of regional integration processes. He further emphasized the need to strengthen networking links in order to foster long-run exchange of ideas and experiences among professionals in the MEFMI region. The need for member countries from regional integration groupings to peer review each other for purposes of learning and improving regional economic performance was also emphasized.