An initiative to free up two-way trade between the UK and Kenya was launched in London on Monday.
This was through the signing of an MoU between the Institute of Export and International Trade and TradeMark East Africa at the Kenya High Commission in London.
The MoU provides a framework for collaboration to implement a digital trade corridor between the UK and Kenya.
The UK-Kenya Trade Logistics Information Pipeline (TLIP) aims at eliminating paperwork and introduce a digital process that increases visibility up and down the supply chains.
The system uses blockchain technology to link all those in the supply chain thus seeking to enable fast logistic clearance and easier trading.
Speaking at the function hosted by Kenya High Commissioner to the UK Manoah Esipisu, East Africa Community Cabinet Secretary Adan Mohammed said the deal would see an increase in bilateral trade which would benefit the entire EAC.
“We look forward to seeing the better future of this partnership grow our trade balances. What is even more significant is the role it is going to play to support small and medium-sized enterprises,” the CS said.
Trademark East Africa CEO Frank Matsaert said that the digital trade corridor would create a transparent, efficient and cost-effective way of managing trade information.
“This will support and boost trade efficiency between the two countries. TLIP is also expected to support trade within the AFCTA growing trade within the continent and support global trade,” Matasaert said.
IOE&IT Director General Marco Forgione said that the project will deliver substantial benefits not only to traders but last the UK in terms of positioning itself as a global leader in digital trade.
“Provisions to motive digital delivery are an increasingly important part of trade agreements and it is initiatives like that will make them succeed,” Forgione said.
TradeMark East Africa is an aid-for-trade organisation funded by dev agencies of Belgium, Canada, Denmark, EU, Finland, France, Ireland, Netherlands, Norway, UK and USA.
The IOE&IT is the UK professional membership body representing and supporting the interests of everyone involved in importing, exporting and international trade.
Source: The Star Newspaper.