Uganda’s Presidential Advisory Committee on Exports and Industrial Development (PACEID) has signed a Memorandum of Understanding (MoU) with the Technology Associates & CargoX consortium (TA-CargoX) to establish a national trade facilitation platform, TradeXchange.
The purpose of PACEID’s strategic technological alliance is to assist exporters, alleviate trade bottlenecks, quickly comply with global trade norms, and support Uganda’s ambitious goal of tripling exports by 2026.
The new platform will be based on CargoX’s Blockchain Document Transmission (BDT) solution for worldwide electronic trade document transmission that is easy, efficient, and secure.
TradeXchange will be a blockchain-based cooperation platform that will expedite operations and improve information flow between farmers, producers, dealers, and government agencies.
It helps the government in delivering more effective certification, quality, and product traceability control in a secure manner, increasing participant confidence, minimising fraud, and decreasing transactional disputes.
Odrek Rwabwogo, Chairman of PACEID, said: “We are pleased to work with CargoX who already do work in COMESA and many other parts of the world, to bring fresh thinking on how to gather, build and utilise data for our Exports from Uganda.
“Our target of $6 billion in five years would be difficult to attain without more reining our hard infrastructure as well as the soft one in digital performance.”
Igor Jakomin, Deputy CEO, CargoX, stated: “We will provide our global blockchain document transfer layer to enable the most secure electronic document exchange.
“With proven experience where more than 115,000 companies worldwide, use CargoX BDT to process more than 5.3+ million electronic documents to date, we are confident that this will position Uganda at the vanguard of global trading nations, demonstrating their commitment to technological innovation and business transparency.
“Uganda, renowned for its high-quality goods, will now set a precedent in digital trade processes for other countries to emulate.”
In March, Global Shipping Business Network (GSBN) announced a collaboration with COSCO Shipping Lines (COSCO), Orient Overseas Container Line (OOCL), and the Shanghai Research Institute of Chemical Industry Testing Co., Ltd (SICIT) in harnessing blockchain technology.