India has inked a Joint Action Plan with the East African Community to allow fast clearance of goods at their respective ports of entry for speedier trade and business transactions.
The new arrangement will highly benefit traders from six countries, within the East African Community, including Kenya, Uganda and Tanzania, together with Rwanda, Burundi and Southern Sudan.
These are going to enjoy faster import and export procedures.
An official statement from the EAC Headquarters in Arusha, which was made available to the Tanzania Times says the Joint Action Plan will pave the way for a full Mutual Recognition Agreement (MRA) between India and East Africa.
Once realised, it will benefit 135 companies under the East African Community’s Authorised Economic Operators (AEO) Programme.
The Chairman of the Central Board of Indirect Taxes and Customs, Mr Ajit Kumar, said it was vital to have robust, safe and largely digitized system, as well as validated trading entities.
Value of trade between East African Countries and India from 2014 to 2018, was valued at US$ 30 Billion cumulatively.
The East African Community’s Director General for Customs and Trade, Mr Kenneth Bagamuhunda said once finalized the Mutual Recognition Agreement will boost the flow and growth of trade between East Africa and India.