The United Nations Conference on Trade and Development and TradeMark Africa have signed a memorandium of understanding (MoU) to boost trade in East Africa.

According to a statement issued, the MoU signed in Geneva, Switzerland will help to boost trade in the region through collaboration trade and gender, trade facilitation, including customs automation and trade portals and improving port infrastructure.

“UNCTAD is excited about this new partnership with Trade- Mark East Africa. This partnership reinforces UNCTAD capacity to assist East Africa in the implementation of trade enhancing reforms,” the Deputy Secretary General for UNCTAD, Joakim Reiter is quoted as saying during the contribution agreement signing ceremony.

Speaking at the signing ceremony, TradeMark CEO Frank Matsaert noted that trade infrastructure is critical to East Africa’s prosperity and in creating the much needed jobs in the region.

Currently, East Africa’s trade corridors are characterised by long transit times and high costs. Freight costs per kilometre are more than 50 per cent higher than costs in the United States and Europe and for the landlocked countries, transport costs can be as high as 45per cent of the value of exports, he said.

“We are delighted to enter into a MoU with UNCTAD which provides a platform for cooperation between our two organisations.

This will help us work together with our partners in the EAC in a more coordinated way in such areas as implementing the Bali TFA and women in trade,” he said.

Source: All Africa

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