The Presidential Advisory Committee on Exports and Industrial Development (PACEID) in Uganda officially signed a Memorandum of Understanding (MoU) with the Technology Associates & CargoX consortium (TA-CargoX) on 23 August.
This agreement signifies their collaborative effort to create a national trade facilitation platform called TradeXchange.
Through this strategic technology partnership, PACEID aims to provide valuable support to exporters, address trade-related challenges, streamline adherence to international trade norms, and strengthen Uganda’s ambitious objective of increasing its exports twofold by 2026.
The forthcoming platform will be constructed using CargoX’s Blockchain Document Transfer (BDT) solution, ensuring a straightforward, efficient, and secure method for global electronic trade document transfers.
TradeXchange, operating on a blockchain foundation, will function as a collaborative platform aimed at streamlining processes and improving the exchange of information among farmers, producers, traders, and government entities.
It is also going to facilitate more effective government regulation in areas like accreditation, quality control, and product traceability while ensuring security. This will foster trust among participants, prevent fraudulent activities, and reduce disputes.
The platform will harmonise Uganda’s trade practices with international standards, which will, in turn, enhance production, packaging, quality assurance, and ultimately lead to a substantial increase in export growth.
To ensure adherence to international trade standards, the TA-CargoX solution actively collaborates and aligns with prominent trade industry bodies and organizations worldwide, including ICC, UNCITRAL MLETR, ITFA, DCSA, UN/CEFACT, WCO, IRU, FIATA, WEF, DTLF-EU, and IGP&I.
Girisch Nair, chairman of technology associates, commented, “As PACEID expands Uganda’s market reach, enhances value addition, and doubles export revenue, the TA-CargoX Consortium will provide a robust, globally compliant digital trade platform as the surest means to integrate Uganda into the global trade network.”
