Uganda and CargoX have reached a deal to launch TradeXchange, a national platform for trade facilitation.

“On August 23, 2023, the Presidential Advisory Committee on Exports and Industrial Development (PACEID) of Uganda and the Technology Associates & CargoX consortium (TA-CargoX) signed the Memorandum of Understanding (MoU).”

According to CargoX, the platform will:

Support exporters
Resolve trade bottlenecks
Help traders easily comply with global trade standards, and
Buttress Uganda’s ambitious goal of doubling its exports by 2026

“TradeXchange is going to be a blockchain-driven platform enabling government agencies, farmers, producers, and traders to collaborate more easily and share information more effectively. It assists in enabling the government to provide more effective regulations on certification, quality, and produce traceability in a safe way, encouraging participant trust, averting fraud, and reducing conflict.

• ShipX

Furthermore, it is anticipated that this system will harmonize Ugandan trade practices with international norms, thereby increasing output, packaging, quality assurance, and ultimately increasing export growth.

The Blockchain Document transmission (BDT) solution from CargoX, which enables quick, easy, and secure global electronic trade document transmission, will serve as the foundation for the new platform.

The National Single Window for international Trade Facilitation (NAFEZA) system in Egypt uses CargoX’s Blockchain Document Transfer (BDT) technology to speed and simplify the review and release of international cargo upon their arrival at a port entity in Egypt.

By consolidating more than 26 government systems pertaining to cargo into one, NAFEZA has decreased the number of customs documents from 18 to just 6. Import compliance expenses have decreased from $600 to less than $165 after NAFEZA was implemented, and cargo release times have reduced from 29 days to less than 9 days.

More than 115,000 businesses use the CargoX Platform for Blockchain Document Transfer (BDT), which has handled more than 5.3 million electronic trade papers to date without any apparent outages or malfunctions, according to Igor Jakomin, Deputy CEO of CargoX.

“The Chairman of Uganda’s Presidential Advisory Committee on Exports and Industrial Development, Odrek Rwabwogo, 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 utilize data for our Exports from Uganda” (PACEID).

“It would be challenging to reach our goal of USD 6 billion in five years without further reining in both our digital performance and hard infrastructure,” he continued.

With regard to the development, signing, and transfer of electronic trade documents in both structured and unstructured formats, CargoX is the world’s foremost supplier of the CargoX Platform for Blockchain Document Transfer (BDT).

Administrative burdens and manual paperwork are decreased via the CargoX Platform. Participants in trade ecosystems, such as exporters, importers, shippers, freight forwarders, air/sea carriers, ports & customs authorities, and financial institutions, that engage in the import and export of goods, may experience increased efficiency, enhanced agility, and quicker clearance times as a result.

CargoX is widely recognized for its achievements in trade process automation and secure document flow. Notable achievements include being named a finalist in the SXSW Pitch 2019 competition, which included 800 startups, the IRU World Congress Startup Competition, the #DataccioConnect Blockchain Innovators Award, the TLME Most Innovative Solution 2019 and TLME Best Blockchain Innovation of the Year 2019 awards, and three times being listed as a FreightTech top 100 company.