Tanzania launches trade portal to boost economy

Tanzania, a country rich in resources and economic potential, has finally taken a significant step towards boosting its economy with the launch of a new trade portal. The trade portal, designed to streamline and facilitate the exportation, importation, and transit of goods, comes after years of trials and delays. The agreement for the portal was initially passed by member states of the United Nations Conference on Trade and Development back in 2014, but Tanzania only began implementation in 2017. To shed more light on this development, economic analyst Gabriel Mwang'onda shared insights on the significance of the trade portal and the challenges it aims to address. Mwang'onda highlighted the delayed adoption of the portal, attributing it to Tanzania's historical reluctance to swiftly embrace international trade agreements. He noted that the country had been slow in ratifying agreements such as the Africa Continental Free Trade Area, thereby affecting the timely implementation of initiatives like the trade portal. Despite the delays, Mwang'onda emphasized the importance of the trade portal in bridging information gaps and revolutionizing the trading landscape in Tanzania. The portal is expected to provide vital information on exports and imports, thereby enhancing transparency and opening up new markets for Tanzanian goods. One of the key advantages of the portal is its potential to connect Tanzanian farmers, who make up a significant portion of the population, to a wider market for traditional crops such as cotton and sesame. By digitizing trade and making information readily accessible online, the portal aims to attract more buyers, ultimately leading to increased revenues for farmers and a boost to the overall economy. Tanzania's President Samia Suluhu Hassan has also been proactive in promoting trade relations within the East African Community (EAC). Her recent visit to Kenya, where she engaged in discussions with President Uhuru Kenyatta, has helped alleviate trade tensions between the two countries. Mwang'onda highlighted the progress made in resolving trade barriers between Tanzania and Kenya, with 18 out of 34 bottlenecks already addressed through ministerial-level meetings. This positive development signals a new era of cooperation between the neighboring nations, with the potential for smoother trade flows and increased economic interdependence. The trade balance between Tanzania and Kenya remains closely intertwined, with each country supplying raw materials and imported goods to the other. The resolution of trade barriers is expected to further enhance the trading relationship and pave the way for mutually beneficial economic growth. The launch of the trade portal, coupled with ongoing efforts to strengthen ties within the EAC, sets the stage for Tanzania to capitalize on its economic potential and emerge as a key player in the regional trade landscape. As the country embraces digital transformation and leverages new tools for trade facilitation, the future looks promising for Tanzania's economic prosperity.