Uganda’s Minister of State for EAC Affairs, Rt. Hon. James Magode Ikuya with EAC SG, Hon. Veronica Nduva launching the EAC Bond The East African Community (EAC) has taken a major step towards streamlining regional trade with the launch of the EAC Customs Bond, a mechanism designed to reduce the cost of doing business and eliminate bottlenecks in cross-border cargo movement. The official launch took place in Kampala, Uganda, on 4 August 2025, and was officiated by Uganda’s Minister of State for EAC Affairs, Rt. Hon. James Magode Ikuya, who described the EAC Bond as “a home-grown solution tailored to our region’s realities—a symbol of trust, innovation and partnership.” Also present were EAC Secretary General Hon. Veronica Nduva, TradeMark Africa Deputy CEO Allen Asiimwe, and other officials from the public and private sectors, who hailed this as a milestone in tandem with the region’s pursuit of seamless trade transactions and improved competitiveness and integration. For years, businesses operating in the EAC have grappled with an assortment of national customs guarantee systems that required traders to issue a separate bond in each country of transit. This system not only increased the cost of trading across borders but also tied up critical capital in the form of repeated financial guarantees. It slowed down cargo clearance and undermined the region’s competitiveness. “This reform is about changing that. With the EAC bond, we are unlocking trade—saving time, releasing capital, and strengthening our industries’ competitiveness,” Hon. Ikuya, added. Until now, the region relied on the...
East Africa’s newly unveiled regional customs bond to facilitate smooth trade in East Africa
Posted on: August 6, 2025
Posted on: August 6, 2025