On August 23, the Presidential Advisory Council for Export and Industrial Development (PACEID) of Uganda and Technology Associates & CargoX Consortium (TA-CargoX) officially signed a Memorandum of Understanding (MoU).
The agreement marks their joint efforts to create a national trade facilitation platform called TradeXchange.
Through this strategic technology partnership, PACEID aims to provide valuable support to exporters, resolve trade-related challenges, streamline compliance with international trade norms and strengthen Uganda’s ambitious goal of tripling exports by 2026 .
The upcoming platform will be built using CargoX’s Blockchain Document Transfer (BDT) solution, ensuring a simple, efficient and secure method for global electronic trade document transfer.
TradeXchange, which operates on a blockchain basis, will serve as a collaborative platform designed to streamline processes and improve the exchange of information between farmers, producers, traders and government entities.
It will also promote more effective government regulation in areas such as certification, quality control and product traceability while ensuring safety. This will promote trust among participants, prevent fraudulent activities and reduce disputes.
The platform will harmonize Uganda’s trade practices with international standards, which in turn will enhance production, packaging, quality assurance and ultimately lead to a significant increase in export growth.
In order to ensure compliance with international trade standards, TA-CargoX solutions actively cooperate with well-known global trade industry bodies and organizations, including ICC, UNCITRAL MLETR, ITFA, DCSA, UN/CEFACT, WCO, IRU, FIATA, WEF, DTLF-EU and IGP&I .
Girisch Nair, Chairman of the Technology Association, commented: “As PACEID expands Uganda’s market reach, increases value added and doubles export earnings, the TA-CargoX Alliance will provide a robust, globally compatible digital trade platform, as the most reliable means of integrating Uganda into global trade networks.”
