The Role of the East African Community (EAC) in Strengthening Regional Integration and Regulatory Harmonization for the Development of the Oil and Gas Sector
DOI:
https://doi.org/10.70619/vol5iss4pp65-74Keywords:
East African Community, Regional Integration, Regulatory Harmonization, Development of the Oil and Gas SectorAbstract
The East African Community (EAC) has made significant strides in promoting economic integration. The East African Community (EAC) seeks to standardize oil and gas policies, regulations, and legal frameworks across its member states to create a consistent and predictable business environment. This study sought to determine the role of the East African Community (EAC) in strengthening regional integration and regulatory harmonization for the development of the oil and gas sector. The current study adopted a qualitative research design, specifically, a desktop research design. From the study findings the major role East African Community (EAC) plays to boost the oil and gas sector's development include promoting regional integration, harmonizing regulations, facilitating infrastructure development, promoting investment, cooperation in exploration and development, creating a single market, strengthening legal and institutional frameworks, promoting sustainable development, facilitating cross-border trade and providing a platform for dialogue and cooperation. The study concluded that EAC's efforts to harmonize petroleum product standards and policies promote consistency and reduce barriers to trade within the region. This harmonization simplifies business operations, reduces transaction costs, and creates a more predictable regulatory environment, attracting investors.
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