Posted on March, 27, 2019 at 10:25 am
By LYDIA NABAKOOZA & LYDIA NABAWANDA
Local traders have urged government to review the investment policy mainly on the private investment equity to eliminate foreign domination of the Ugandan market.
The call comes at a time when the non-tariff barriers are on the rise within the East African Community, which contradicts the EAC Customs Union.
Over the years, the East African heads of state have been pushing for a regional market under the East African Community bloc, but the non-trade barriers seem to be on the rise.
These efforts are largely being frustrated by technocrats who are trying to protect their domestic markets.
Everest Kayondo, the chairman of the Kampala City Trader’s Association said this is more common with Kenya where government has put restrictions on importation of certain goods from the region.
Recently Uganda passed the investment code but Kayondo said we need to formulate more polices on investment.
The non-tariff barriers include import licensing, rules for valuation of goods at customs, pre-shipment inspection, rules of origin and trade.
To eliminate tariff barriers, Kayondo said there is need for strong penalties in case of failure to comply.
Different business entities including the East African Business Council have been pushing for the elimination of non-tariff barriers to ease the cost of doing business.
Source: Nile Post