Uganda, China sign agreement to ease trade, custom clearance

By Our Reporter

1st June 2023

In order to easy trade operations, Uganda and China have signed an Authorized Economic Operation known as Mutual Recognition Agreement.

The agreement is a regional trade facilitation program recommended by the World Customs Organization to ease trade and customs clearance for tax compliance to both importers and exporters.

The agreement will help to improve Uganda’s trade share in Africa borrowing from good trade practices of China as a major global prayer in trade.

According to the Assistant Commissioner Customs at Uganda Revenue Authority, Abel Kagumire the agreement will present a number of benefits both short and long term to two Governments including a platform for sharing information on trade cargo for faster and more efficient assessment and hence faster clearance of cargo.

It is on this note that Kagumire also revealed that the Authority through customs is targeting the collection increase for the financial year 2023/24 to approximately 13 trillion shillings compared to this year’s 9 trillion shillings.