Uganda has signed an agreement with CargoX to establish TradeXchange, a national trade facilitation platform.
“Uganda’s Presidential Advisory Committee on Exports and Industrial Development (PACEID) signed the Memorandum of Understanding (MoU) on August 23, 2023 with the Technology Associates & CargoX consortium (TA-CargoX).”
According to CargoX, the platform will:
- Support exporters
- Resolve trade bottlenecks
- Help traders easily comply with global trade standards, and
- Buttress Uganda’s ambitious goal of doubling its exports by 2026
“TradeXchange will be a blockchain-based collaboration platform that streamlines processes and enhances information flow among farmers, producers, traders and government bodies. It helps government offer more efficient regulation on accreditation, quality and produce traceability in a secure manner, promoting trust between participants, preventing fraud, and minimising disputes.”
– CargoX
Moreover, this system is expected to unify Uganda’s trade practices with global standards, boosting production, packaging, quality control, and eventually, multiplying export growth.
The new platform will be built on CargoX’s Blockchain Document Transfer (BDT) solution for simple, efficient, and secure global electronic trade document transfer.
CargoX’s Blockchain Document Transfer (BDT ) is the same solution employed by Egypt for its National Single Window for Foreign Trade Facilitation (NAFEZA) system which is used to facilitate and expedite the review and release of foreign shipments upon their arrival at a port entity within Egypt.
NAFEZA has condensed over 26 cargo-related government systems into one, reducing customs documentation from 18 to just 6. Since implementing NAFEZA, import compliance costs have dropped from $600 to under $165 and cargo release times have improved from 29 days to under 9 days.
According to Igor Jakomin, Deputy CEO of CargoX, the CargoX Platform for Blockchain Document Transfer (BDT) is used by more than 115,000 companies worldwide, and has processed more than 5.3+ million electronic trade documents to date without noticeable downtimes or operation failures.
“We are pleased to work with CargoX who already do work in COMESA and many other parts of the world, to bring fresh thinking on how to gather, build and utilize data for our Exports from Uganda,” said Odrek Rwabwogo, Chairman of Uganda’s Presidential Advisory Committee on Exports and Industrial Development (PACEID).
“Our target of USD 6 billion in five years would be difficult to attain without more reining our hard infrastructure as well as the soft one in digital performance,” he added.
________________
About CargoX
CargoX is the world leading provider of the CargoX Platform for Blockchain Document Transfer (BDT), intended for creation, signing and transfer of electronic trade documents in structured and unstructured form.
The CargoX Platform reduces manual paperwork and administrative burdens. This can lead to improved efficiency, enhanced agility and faster clearance times by participants in trade ecosystems, including exporters, importers, shippers, freight forwarders, air/sea carriers, ports & customs authorities and financial institutions, who participate in the import and export of goods.
In stamping their authority as a global leader in trade process automation and secure document flow, CargoX has won a range of awards and accolades, viz C4DTI Awards 2023 Best Crossborder Trade Software System / Technology Solutions Provider of the Year; TLME 2023 Most Inspiring Solutions in Digitalization Award; 2021 Logistics Project Award Slovenia; SXSW Pitch 2019 finalist (among 800 startups); IRU World Congress Startup Competition; #DataccioConnect Blockchain Innovators Award; TLME Most Innovative Solution 2019 and TLME best Blockchain Innovation of the Year 2019 and listed as FreightTech top 100 company three times.
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
________________________________________
________________________________________
