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NAIROBI, Kenya – Jun 4 The East African Council of Ministers has presented the region’s budget estimates for the 2014/2015 financial year of Sh10.8 billion ($124,069,695). The budget priorities the full implementation of the EAC Common Market Protocol with particular focus on free movement of goods, services, labour and capital as well as the implementation […]
Efficient customs services can play an important part in monitoring trade related regulations as well as generating substantial amount of revenues. World Customs Organisation (WCO) says developing countries like Tanzania will achieve higher economic growth rates if customs services are improved to cut down the cost of doing business. The Ambassador of Finland to Tanzania […]
Technical failures arising from inconsistent information technology infrastructure is hampering the success of the Single Customs Territory, traders expressed during a one day training workshop on the recent regional customs developments and procedures. The training attracted over 90 Ugandan shippers and freight forwarding agents, traders, Uganda Revenue Authority officials, members of Uganda Shippers Council who […]
The qualms that had earlier arisen over Tanzania’s commitment towards the achievement of an East African Community are seemingly put aside following reports that the country has joined the Single Customs Territory (SCT). The questions stemmed from the decision by the governments of Uganda, Kenya and Rwanda to jointly fast track and implement infrastructure projects […]
Rwanda’s trade with its neighbours is expected to grow following the signing of a $1m (about Rwf697m) funding deal to boost cross-border trade with the Democratic Republic of Congo, the country’s main re-export market. The grant from Belgium and the UK (through Department for International Development – DFID) was extended through a contribution agreement under […]
Industrialization in the country continues to be among the potential prime movers of the economy after the agricultural sector. With numerous construction and infrastructure projects like the standard gauge railway construction on the pipeline, growth in the manufacturing sector is expected to increase tremendously . Growth in the manufacturing sector brings increased competition and more […]
Kenya’s trade deficit narrowed by Sh14 billion as local firms reduced their appetite for industrial supplies in the three months to March, official data shows. Data from the Kenya National Bureau of Statistics indicates that imports dropped to Sh345.2 billion in quarter one, down from Sh356 billion in a similar period last year. This narrowed […]
The trend for up-sizing on North-South routes, most visible on Far East-Latin America trades over the last couple of years, has not bypassed African trades, with a number of services to West Africa recently reorganised. Despite a variety of infrastructure challenges, the average size of vessels calling at African ports continues to increase, supported by […]
THE implementation of the Single Custom Territory (SCT) is seen as a crucial move that will reduce costs of doing business and increase efficiency in East African Community customs’ services, but for the Tanzania clearing and forwarding agents it is a blessing in disguise. The SCT is one of the key regional integration priority policy […]
The Ministry of East African Affairs has warned that introduction of levies on transit goods by border counties is inhibiting trade within the East African Community (EAC). Principal Secretary Mwanamaka Mabruki said the move by counties to levy transit goods will hinder the community’s quest for seamless trade. “Imposing taxes on goods going to EAC […]
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