Social Market Economy model can boost trade in East Africa

Social Market Economy model could boost regional trade and investment in East Africa. [File, Standard]

Regional integration will not be possible without countries reducing barriers to trade, investment and the movement of goods and services. However, a common economic space requires rules that are observed by everyone, even though not all Partner States, businesses or workers might benefit equally. How can this dilemma be resolved?

That is where the Social Market Economy model offers East Africa a useful starting point. The Social Market Economy seeks to combine the efficiency and innovation of a free market economy with instruments of social justice and social protection. The central idea is to leave as much freedom to the market as possible and reduce state intervention to where it is necessary.