by Ronald Njoroge
NAIROBI, July 1 (Xinhua) -- Kenya plans to ratify the East Africa Community (EAC) Cooperative Societies Act before the end of 2017 to help boost regional integration, a senior official said Saturday.
Cabinet Secretary in the Ministry of Industry, Trade and Cooperatives Adan Mohamed told journalists that all the heads of state of EAC member states will also assent to the regional law as soon as possible.
"The aim of the regional law is to harmonize the national laws of the EAC partner states in order to enhance regional collaboration in the cooperative sector," Mohamed said during celebrations to mark the International Co-operative Day.
The EAC Cooperative Societies Act was passed by the East African legislative Assembly in 2015. EAC members include Kenya, Uganda, Tanzania, Rwanda, Burundi and South Sudan.
Once all trading bloc nations ratify the law, cooperatives in one member states will be able to draw membership from other partner states.
"This will help to strengthen and revive the cooperatives societies in the region," Mohamed said.
Most of EAC's cooperatives are in the agricultural sector where they have helped to market and process key cash crops.
The CS said that the EAC states are at different stages of development in the cooperative sector and so the regional law will permit greater transfer of knowledge within the bloc.
Mohamed noted that the cooperative movement in Kenya plays a significant role in national development especially in pooling of resources.
"Kenya's cooperative sector has mobilized savings in excess of 6 billion U.S. dollars and have an asset base worth of more than 8 billion dollars," he added.
