Serrari Group

The African Development Bank (AfDB) and the Korea Customs Service (KCS) have solidified their commitment to boosting intra-African trade through a newly signed Aide Memoire on Facilitation of Customs Reforms and Modernisation. This collaboration, marked by a virtual signing ceremony attended by Mr. Solomon Quaynor, Vice President of AfDB for Private Sector, Infrastructure & Industrialisation, and Mr. Ko Kwang-hyo, Commissioner of KCS, aims to harness Korean customs expertise and technologies to streamline trade processes across Africa.

Under this agreement, both institutions will focus on enhancing customs operations, promoting transparent border management, and implementing electronic clearance systems tailored to African needs. These efforts are designed not only to reduce trade barriers but also to support the effective implementation of the African Continental Free Trade Area (AfCFTA).

Vice President Quaynor emphasized the transformative impact of the partnership, stating, “This Aide Memoire will energise the Bank’s operations on trade facilitation, helping to dismantle non-tariff barriers and boost intra-African and external trade.”

Commissioner Ko Kwang-hyo highlighted Korea’s commitment to knowledge sharing, particularly through its advanced UNI-PASS electronic clearance system. The KCS plans to roll out capacity-building programs for African customs officers and collaborate on customs modernisation policies tailored to Regional Economic Communities in Africa.

Effective until December 31, 2026, with provisions for extension, the Aide Memoire aligns closely with AfDB’s development priorities, including regional integration and economic transformation. It builds upon a longstanding partnership between Korea and AfDB, which began with Korea’s accession as a shareholder in 1982.

Previous collaborations between Korea and AfDB, such as the $600 million Energy Investment Framework and the establishment of the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund, demonstrate a shared commitment to fostering sustainable development and economic cooperation across Africa.

The signing of this agreement marks a pivotal moment in Africa’s economic journey, poised to enhance trade facilitation and promote inclusive growth across the continent.

Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

5th July, 2024

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