Friday August 27, 2021
Somalia has set up a trade information portal to facilitate cross-border trade and provide businesses with a transparent environment.
The portal, launched on Wednesday, is the government's latest move to improve cross-border trade and facilitate Somalia's accession to the World Trade Organisation (WTO) by complying with the WTO Trade Facilitation Agreement.
Abdulkadir Sharif Shekhuna, the state minister at the Ministry of Commerce and Industry, said the portal, https://stip.gov.so/, which provides a unified source for all cross-border trade information, will lower costs and simplify trade procedures for Somali importers and exporters.
"With the launch of the Somalia Trade Information Portal, we hope that our business community will have a useful tool to find the information necessary to facilitate their import-export activities," Mr Sharif said in a statement issued in Mogadishu, capital of Somalia.
According to the official, more than 90 laws, regulations, procedures, and other trade-related measures from over a dozen government agencies can now be accessed online.
Businesses can also access licences, permits, and applicable fees since the portal will provide the business community with easy access to information on import and export regulations and procedures.
"We are committed to closely coordinating with the public and private sectors as well as international organisations to ensure the sustainability of the portal," Mr Sharif said, adding the portal aims to improve the predictability and transparency of Somalia's business environment and provide foreign and domestic investors with a quick and timely access to trade rules and regulations of the country.