Government of Uganda has called upon the international world to simplify on the trade regulatory procedures which seems to be greatly affecting the country’s economic growth.
While closing the 4th authorised economic operators conference that has been in Uganda for 3 days, Amelia Kyambadde the Minister of Trade, Industry and Cooperatives noted that there is urgent need to reduce the trade imbalances and also to open up the market to enable Uganda do business.
Uganda has for long been at the fore front of advocating for a free trade zone in East Africa but the situation is totally different when it comes to accessing the international markets.
Despite the fact that trading regulations and red tape in the global markets are designed to protect domestic production, Kyambadde argues that in return, the move is having uneven negative effects on exports and production from the developing world.
“Uganda as a country has a lot to offer on market but the international world is making it hard for us to benefit from the available market, If its true you want us to grow, there is need to simplify on the trade regulatory procedures you put in place,” Kyambade said.
The World Customs Organisation Authorised Economic Operators Conference which attracted over 95 countries with 1100 delegates.
The conference has been held with the theme of promoting mutual recognition of Authorised Economic Operators to strengthen and secure global trade.
It is in this conference that over 75 companies have been awarded for the continued transparent operation having up to date books of accounts.
“Now these companies will have an opportunity to be on the stock exchange market,” Kyambadde said.