- TradeMark East Africa (TMEA), an NGO based in Kenya and the UK-based Institute of Export and International Trade ((IOE&IT), have signed a memorandum of understanding.
- Under the MOU, both the organisations will collaborate and set up a digital trade corridor between the UK and Kenya.
TradeMark East Africa (TMEA), an NGO based in Kenya and the UK-based Institute of Export and International Trade ((IOE&IT), have signed a memorandum of understanding.Under the MOU, both the organisations will collaborate and set up a digital trade corridor between the UK and Kenya.
The MOU provides for the implementation of the UK-Kenya Trade Logistics Information Pipeline (TLIP), that will eliminate paperwork and facilitate better supply chains for seamless flow of trade between the two countries. The joint statement issued by the two organisations said that the initiative is expected to boost the trade between Kenya and the UK by cutting down the administrative procedures and time by at least 30 percent, reducing order turnaround times of up to 40 percent, compliance costs by 20 percent and eliminate duplication. As a result, the process will reduce the costs for Kenyan firms supplying vegetables and cut flowers to the UK, which in turn will cut the prices for the UK customers.
With the support of TLP, Kenya plans to boost its exports to the UK by enhancing its exports of flowers, vegetables, fruit, coffee, tea, textiles, and apparel.
TLIP is the first digital trade corridor to be established between the UK and a developing country after UK’s exit from the EU and is in line with trade agreement (EPA) signed between the two countries. Frank Matsaert, Chief Executive, TMEA was confident that the homegrown digital solution will create a transparent, efficient, and cost-effective way of managing trade information to support and boost trade efficiency between the two countries.
