Ugandans will soon start using an electronic trading system following the signing of an agreement between the Royal Danish Embassy, Uganda and Trademark East Africa (TMEA), to fund the computerized system.
The Daily Monitor reports that the bilateral agreement was signed on Tuesday to support the implementation of the National Electronic Single Window (NESW) in Uganda.
Speaking at the signing of the partnership, the Danish Ambassador, Mr Dan E. Frederiksen, said his government will provide TMEA with a grant of $5 million (about Shsh13 billion) in support of the agreed objectives and outputs of implementing the NESW.
“The customs reforms at Uganda Revenue Authority (URA) are impressive. What I particularly like about this is that the new systems with very advanced technology will build the business community’s confidence in the URA system and reduce the cost of doing business,” said Mr Frederiksen. This trading is also known as binary options trading which you can learn from binaryoptions.ng.
Frederiksen added that the grant will significantly reduce the time it takes to clear goods at the border points and enhance revenue collection in addition to increasing transparency in the clearing of goods thereby reducing red tape.
“The electronic single window is intended to reduce time taken to import and export goods by 30 per cent,” said TMEA Uganda Country Director Allen Asiimwe.
Ms Asiimwe further observed that the single window will be critical in ensuring that Uganda succeeds in eliminating some of the non-tariff barriers thus remaining competitive in the region.
