NAIROBI, Nov. 19 (Xinhua) -- The East African Community (EAC) will hold its 11th summit on Friday, at which heads of member states are expected to sign a protocol establishing the EAC Common Market.

The EAC is the regional intergovernmental organization consisting of Kenya, Uganda, Tanzania, Burundi and Rwanda with its headquarters in Arusha, Tanzania. The bloc covers a population of more than 120 million with a combined GDP of 60 billion U.S. dollars, and a development strategy of growing up from a Customs Union, a Common Market to a Monetary Union and eventually a Political Federation.

The EAC was first established by Kenya, Tanzania and Uganda in 1967, but was dissolved in 1977 due to political and economic disputes.

On November 30, 1993, the three countries signed the Agreement for the Establishment of the Permanent Tripartie Commission for East African Cooperation. On March 14, 1996, the Secretariat of the Permanent Tripartie Commission was launched and full cooperation between the three countries began.

The EAC was re-established on November 30, 1999 with the signing of the Treaty for Establishment of EAC, which entered into force on July 7, 2000.

The EAC launched the Customs Union on January 1, 2005. Rwanda and Burundi became full members of the bloc on July 1, 2007 and joined the Customs Union in July 2009