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WCO, trade lobby ink deal to boost EAC competitiveness

Xinhua, December 16, 2015 Adjust font size:

World Customs Organization (WCO) and Trade Mark East Africa (TMEA) on Tuesday signed an agreement aimed at boosting the competitiveness of the East African Community (EAC).

WCO Secretary General Kunio Mikuriya told a media briefing in Nairobi that the five year agreement will see the two organizations cooperate to set up a framework to facilitate trade.

"The ultimate aim is to reduce the cost of doing business in the EAC region through implementing WCO trade facilitation tools," Mikuriya said.

The WCO official said the deal will also help Kenya to implement the World Trade Organization (WTO) Trade Facilitation Agreement.

He added that the WCO will provide assistance for the EAC member states to develop tools and standards to ensure there is seamless connectivity at the borders.

The WCO has already undertaken a study to identify the bottlenecks that reduce the competitiveness of the economic bloc.

The secretary general said cross border trade will only flourish when customs procedures are simple and predictable.

WCO official noted that nations also need to improve risk management procedures at their borders in order to reduce illicit trade.

TMEA CEO Frank Matsaert said the agreement will help EAC partner states to automate their port services so as to improve the efficiency and effectiveness of their trade regulatory environments.

Matsaert said that his organization aims to bring prosperity through increased trade.

TMEA has since 2010, spent 560 million U.S. dollars to support economic development in the EAC.

"Most of the funds has been allocated along the Eastern Africa trade corridor where trade and employment opportunities can be enhanced," he said.

The regional trade facilitation lobby CEO said that ports, when managed properly can be a source of competitiveness for import and export trade.

He noted that cumbersome and bureaucratic procedures at the borders points affects the economic growth of the landlocked countries.

"Time delays and unnecessary costs can reduce the attractiveness of a region," he said.

TMEA plans to extend its work beyond the five EAC members' states to include Democratic Republic of Congo, Ethiopia, South Sudan and Zambia. Endit