Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank
21.7 C
Kampala
Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank

Cutting cost of doing business in Uganda: Trade information portal in offing

Must read

Traders operating in Uganda will have a chance to cut the cost of doing business further, following government plans to develop a one-stop portal for export, import and transit information in Uganda.

According to the Minister of Trade, Industry and Cooperatives, Amelia Kyambadde, the online platform that is being developed with the support from Trademark East Africa (TMEA)will be used by traders, government agencies and other entities with interests in business.

“The portal will provide traders with all the necessary information to enable them to undertake the transactions on Electronic Single Window. The two platforms are therefore complementary,” said minister Kyambadde, whose ministry is hosting the 2018 East African Trade Development Forum from February 28-March 2, 2018 at Speke Resort, Munyonyo.

The minister says the establishment of the Uganda Electronic Single Window has so far integrated eight trade regulatory agencies, though 22 are planned to be interconnected by end the end of the year.

Some of the government agencies connected to the Uganda Electronic Single Window are; the Uganda Revenue Authority (URA), Uganda Investment Authority (UIA), Uganda Registration Services Bureau (URSB) and Kampala Capital City Authority (KCCA).

According to the minister, the system which is web-based, has helped traders to submit trade documents and log trade related transactions in real-time and at a single entry point.

“The system enables traders to comply with trade regulations in an efficient manner thereby reduce transaction costs and time associated with processing documentation for import and export,” she says.

Meanwhile, the minister reports that the East African Community (EAC) is Uganda’s second export destination with trade worth USD711.3m, main exports being coffee, tea, spices, cereals, tobacco, sugar, iron and steel. Of the six EAC countries, Kenya is Uganda’s number one export destination within the region.

On the other, Uganda’s imports from the EAC are valued at USD 530m, indicating a favourable balance of trade when compared to the current value of exports the country sends to that economic bloc which is regarded the most dynamic in Africa. From the EAC, Uganda imports; salt, sulphur, lime, cement, iron and steel.

The minister says that the Non Trade Barrier Reporting System, Launched a few years ago in the EAC, has reduced on the delays and costs of moving goods in and out of Uganda and across trading member states.

- Advertisement -

More articles

- Advertisement -

Latest article

- Advertisement -