The EAC hopes to have established a set of uniform regulations governing business competitiveness and safeguarding the market against violations by the end of the next year, reports say.
This resulted from the Memorandum of Understanding (MoU) that the EAC and Kenya's watchdog, the Competition Authority of Kenya (CAK), signed on May 16 in Naivasha, Kenya.
The agreement aims to unite watchdogs from the EAC member states to establish consistent rules on mergers, acquisitions, and other business transactions that may frequently breach fair competition regulations.
"By the end of December 2024, the two agencies have committed to, among others, review and streamline merger notification guidelines, development and implementation of information sharing framework for cross-border laws," CAK acting Director-General Adan Wario told local media.
Moreover, the model based on the agreement "will be informed by the applicable notification system in the Common Market," Wario stated.
The Customs Union and the Common Markets have been the two main cornerstones of the EAC's efforts to promote trade. However, the grouping asserts that for the area to foster common tendencies under its purview, regulating competition is essential.
According to Lilian Mukoronia, the EAC Competition Authority Registrar, the unified framework would help nations execute the bloc's pillars.
"The aim of the [MoU] is to ensure we carry out investigation and research in uniformity while ensuring competitiveness among the member states," she noted.
Other noteworthy achievements, according to her, included removing trade restrictions, offering customers in partner states reasonably priced, high-quality goods, and safeguarding market participants from anti-competitive behavior.
While acknowledging there were still many instances of "unfair" competition, she stated the regional agency will impose competition policy and legislation.