BUJUMBURA, Burundi  The world’s newest common market was created Thursday when a regional bloc of five east African countries freed up the movement of people, products and capital across borders, furthering East Africa’s dream of broad political unification.

The transformation and growth of the bloc, known as the East African Community, has been unfolding quickly after being reinvigorated just over 10 years ago. The bloc aims to become a monetary union by 2012 and have a common currency by 2015, with political federation to come soon after. Ultimately, leaders from the countries talk about becoming a single east African nation.

The East African Community was founded in 1967 by Kenya, Tanzania and Uganda but collapsed a decade later over political infighting between member states. Its resurrection, strengthened with the addition of Rwanda and Burundi and the creation of the common market, has been lauded by East African officials, though more work remains.

“What we have achieved so far is only the basic legal framework that outlines what needs to be done,” Juma Mwapachu, the secretary general of the bloc, said in a press statement.