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{
    "id": 496547,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/496547/?format=api",
    "text_counter": 54,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Kajuju",
    "speaker_title": "",
    "speaker": {
        "id": 840,
        "legal_name": "Florence Kajuju",
        "slug": "florence-kajuju"
    },
    "content": "where reservations may be introduced during ratification process by the House. The Ministry of Commerce, Tourism and East Africa Region, the Attorney General and all implementing agencies should expeditiously identify the legal reforms to be undertaken to facilitate proper and timely implementation of the Protocol. All partner States should fully implement the first two pillars of integration, that is the Customs Union and the Common Market Protocol as contained in the integration road map before moving into the third pillar, which is the monetary union. In conclusion, the Committee is convinced that the Protocol for Establishment of East African Community Monetary Union will be beneficial to the economies of individual partner States of the EAC and, therefore, it recommends that the House ratifies the Protocol. All the other East African Countries have already ratified this Protocol. Kenya is the only EAC partner State that has not ratified. This means that the other countries can move forward and once the ten-year period is over and we do not ratify the significance will be--- Under Article 18, the Protocol allows the partner States to move on and form a single currency union. If Kenya is locked out, it will mean we are not going to enjoy the benefits of enhanced trade, and the symbol of integration that has been key in our process will be lost within the EAC. We are also hoping that as we ratify the Protocol, as a country, we are going to bid to host the East African Central Bank. If we are going to set up the East Africa Monetary Institute in Kenya, which we believe is going to translate into the East Africa Central Bank, out of the five institutions that we are going to set up through this Protocol, we will end up hosting two of them. Then, Kenya as a country, will be better placed in terms of trade and negotiations as far as this Protocol is concerned. For seamless and flawless transition to the East African Monetary Union, Kenya and the other partner States should endeavour to meet their obligations and fully implement the first two pillars of the integration process, namely the Customs Union and the Common Market Protocol. I, therefore, pray that this Report be ratified and adopted by this House today. I request with humility my colleague, hon. Wangwe, to second this Motion."
}