EAC secretary general Veronica Nduva
Kampala, Uganda | Xinhua | The East African Community (EAC) has officially launched the EACBond, a groundbreaking regional customs guarantee instrument designed to streamline the movement of goods across member states.
Unveiled Monday in the Ugandan capital of Kampala, the EACBond replaces multiple national customs bonds with one unified system, allowing traders to secure their cargo journey under a single guarantee.
The EAC said the initiative is expected to significantly reduce trade costs, minimize border delays, and unlock capital previously tied up in bond deposits.
The high-level launch event brought together government officials, logistics firms, financial institutions, and customs representatives, said the statement.
The pilot phase will involve Uganda, Kenya, and Rwanda, with plans to roll out the system to all eight EAC member states — Burundi, the Democratic Republic of the Congo, Kenya, Rwanda, Somalia, South Sudan, Uganda, and Tanzania, it noted.
Veronica Nduva, EAC secretary general, emphasized the consumer benefits, noting that lower trade costs would make goods more affordable.
“It frees up traders’ money, allowing businesses to reinvest in expansion and jobs. It also boosts transparency and curbs fraud through real-time tracking,” she said.
The EACBond represents a major milestone toward harmonized customs procedures and enhanced regional economic integration, Nduva added.
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