EAC: Why there is renewed interest in DRC

Over the weekend, Rwanda's President Paul Kagame and the President of the Democratic Republic of Congo, Félix Tshisekedi, signed three crucial bilateral agreements. These agreements include a bilateral investment treaty, a double taxation avoidance agreement, and an MoU on a mining concession. The significant move signifies a deepening of economic ties between the two countries. The DRC's ambition to become integrated into the East African Community took a step forward as the bloc initiated a verification mission to the Central African nation. To delve deeper into the implications of these developments, economic analyst Ted Kaberuka joined CNBC Africa for a comprehensive discussion. The visit of President Kagame and President Tshisekedi held significance beyond the recent eruption of the Nyiragongo Volcano. While the natural disaster raised concerns, it also presented an opportunity for the two leaders to engage in discussions about their countries' partnership. The signing of the agreements underscored the commitment to enhance economic cooperation between Rwanda and the DRC. The bilateral investment treaty, double taxation avoidance agreement, and the mining concession MoU are pivotal for fostering business relationships and attracting investments. These agreements are not just beneficial for the two nations involved, but they also hold the potential to boost trade and investment in the broader East African region. Kaberuka highlighted the economic prospects that these agreements unlock, particularly in the mining sector of the DRC. With the vast population and consumption capacity in the DRC, there lies substantial potential for businesses to thrive and investments to flourish. The strategic partnership between Rwanda and the DRC has the potential to enhance business environments, create job opportunities, and facilitate trade across borders. The frequent movement of people and goods between Goma and Rubavu exemplifies the vibrant cross-border trade that can benefit from streamlined economic cooperation. The vision of the DRC to integrate into the East African Community is gaining momentum. The recent launch of a verification mission by the bloc signifies progress towards DRC's integration. Given the DRC's geographical position bordering multiple East African countries, its membership in the EAC appears not only logical but also advantageous for regional economic growth. With a population of around 100 million, the DRC brings a significant market share to the East African region, paving the way for expanded trade opportunities and market integration. Rwanda, in particular, stands to gain from the DRC's integration, with enhanced cross-border trade and economic collaboration benefiting both nations. The renewed interest in the DRC from various member countries, including talks with Tanzania and Uganda, underscores the untapped economic potential and strategic importance of the country. President Tshisekedi's diplomatic engagements aim to bolster relationships, address security challenges, and explore economic opportunities. The growing interest in the DRC is driven by its vast business potential, the need to address longstanding challenges, and the importance of regional collaboration in tackling security issues. By strengthening diplomatic ties and garnering support from neighboring countries, President Tshisekedi aims to harness the economic prospects of the DRC and foster stability in the region. The recent engagements and agreements signal a positive trajectory towards harnessing the economic opportunities in the DRC and fostering greater economic integration in East Africa.