Uganda reactivates 1963 trade deal with Serbia

Peter 24th Oct, 2024 Trade Pedson Mumbere
Uganda reactivates 1963 trade deal with Serbia

The Ugandan delegation pose led by Gen. Mbadi (middle, front row) pose for a group photo on arrival in Serbia on October 23. COURTESY PHOTO/BUSINESS EDGE


A Ugandan delegation, led by Gen. Wilson Mbasu Mbadi, Minister of State for Trade, Industry, and Cooperatives, is in Serbia for the Joint Commission for Trade Cooperation session in the city of Niš.

This trade mission seeks to reactivate the trade agreement signed in Entebbe in 1963 between Uganda and Yugoslavia, as well as to actualize further agreements made by President Yoweri Museveni and his Serbian counterpart, H.E. Aleksandar Vučić, last July, including a Bilateral Air Services Agreement.

The Joint Commission is built upon the Trade Agreement between the Government of the Socialist Federative Republic of Yugoslavia and the Government of Uganda, signed in Entebbe in September 1963.

  • As the successor of the former Yugoslavia, the Republic of Serbia continues to honor this agreement, which provides preferential tax treatment for Ugandan products.

A press release said the delegation is composed of officials from the Ministry of Trade, Industry and Cooperatives, Ministry of Foreign Affairs, Ministry of Works and Transport, Ministry of Agriculture, Animal Industry and Fisheries, State House Diaspora Affairs Unit, Uganda Exim Limited, Uganda Civil Aviation Authority, and Uganda Airlines.

Upon arrival, the Ugandan delegation was received by Uganda’s Trade Representative in Serbia (Balkans), Bratislav Stoiljkovic, before visiting the Uganda Connect Hub in Belgrade, a vibrant marketplace promoting and selling Ugandan products.

  • They also had the opportunity to visit the Museum of Yugoslavia also known as the House of Flowers, which houses the resting place of former Yugoslavia President Josip Broz Tito, providing the team with insights into Serbia’s rich history and cultural heritage.

The potential for revitalizing this agreement is underscored by recent trade figures. In 2023, Uganda's total exports to Serbia were approximately 18.5 billion UGX (about $5 million), primarily consisting of coffee, tea, and spices.

Conversely, Uganda imported around UGX11.1 billion UGX (about $3 million) worth of goods from Serbia, predominantly machinery and pharmaceuticals. While these figures represent a modest trading relationship, they also highlight significant room for growth.

The majority of Uganda’s exports to Serbia consist of agricultural products, particularly coffee (which accounts for about 90% of the total exports).

With global coffee demand rising, establishing a stronger foothold in Serbia could facilitate access to European markets.

  • Odrek Rwabwogo, the chairman of the Presidential Advisory Committee on Exports and Industrial Development (PACEID), highlighted the agreement's potential benefits not just for Uganda but for East Africa as a whole.
  • “Reviving the 1963 treaty is an economic breakthrough,” he noted, expressing optimism about the future of trade relations between Uganda and Serbia.

Against the backdrop of these discussions and the potential for enhanced economic collaboration, both nations are poised to explore new avenues for trade and investment.

The revival of the trade agreement from 1963 marks a significant step toward establishing a robust economic partnership that could greatly benefit both Uganda and Serbia in the years to come.

“By leveraging Serbia's market and strategic location, Uganda stands to gain access to a stable European market, diversify its export base, and acquire valuable goods that could bolster its economic growth,” Rwabwogo added.

Similar Posts You May Like 

  • MTN Uganda's open API empowering youth

    MTN Uganda's open API empowering youth..

    As a child, Martin Tumusiime watched households and businesses frustrated with uncollected wastes in Kampala suburbs that sometimes could end up in water channels, streets, or burned. His experience inspired him and his four colleagues – Gideon Mpungu, Lubowa Enock, Namuli Brenda, and Rogers K..

  • NIGERIA- UGANDA BUSINESS AND INVESTMENT FORUM

    NIGERIA- UGANDA BUSINESS AND INVESTMENT FORUM ..

    The Nigeria High Commission in Uganda in partnership with the Ministry of Foreign Affairs in Collaboration with the Uganda National Chamber of Commerce and Industry and the Uganda Investment Authority has embarked on strengthening trade through meeting Ugandan Entreprenuers in a business summit. ..

  • President Museveni Meets Dubai Investor

    President Museveni Meets Dubai Investor..

    President Yoweri Kaguta Museveni has met the CEO and Managing Director of Rowad Capital Commercial LLC (RCC) group, Mr. Chaher Al Taki, who called on him at State House Entebbe...

  • Let Us Trade More in Finished Products – Museveni appeals to China

    Let Us Trade More in Finished Products – Museveni appeals to China..

    President Yoweri Kaguta Museveni has appealed to the government of the People’s Republic of China to open their market for finished goods...

  • No more headache as NCBA Bank launches vehicle importation campaign

    No more headache as NCBA Bank launches vehicle importation campaign..

    A car importer through World Navi to receive 80% financing from NCBA Bank, 2-months grace period, comprehensive insurance cover from ICEA Lion..

  • President Museveni Directs on More Support to Investors

    President Museveni Directs on More Support to Investors..

    President Yoweri Museveni has tasked the Uganda Investment Authority (UIA) and the Ministry of Trade, Industry and Cooperatives to create mechanisms through which investors are heard and supported...

  • Uganda Investment Authority Wins Global Award

    Uganda Investment Authority Wins Global Award..

    Uganda, through its chief investment promotion agency, the Uganda Investment Authority, has won yet another prestigious award "the Investment Catalyst Award" in the 2023 Go Global Awards...

  • KACITA applauds new port payment system

    KACITA applauds new port payment system..

    Ugandan traders under their umbrella body, the Kampala City Traders Association (KACITA), have applauded the Kenya Ports Authority (KPA) for introducing a new electronic payment system aimed at improving service delivery through instant settlement of port charges...

  • EU Parliament endorses Kenya trade agreement

    EU Parliament endorses Kenya trade agreement ..

    The European Parliament has endorsed an Economic Partnership Agreement with Kenya, paving the way for duty-free and quota-free access to the lucrative EU market. ..

  • Optimism as African Free Trade Area plan gains momentum

    Optimism as African Free Trade Area plan gains momentum..

    The African Union Assembly recently adopted key protocols and decisions affecting the African Continental Free Trade Area (AfCFTA), which included the first-ever Protocol on Women and Youth in Trade, Investment, Digital Trade as well as several rules of origin on clothing and certain automobile prod..

  • Mind standards, exporters told as AFTA takes shape

    Mind standards, exporters told as AFTA takes shape..

    Uganda's micro, small and medium enterprises (MSMEs) have been urged to ensure high quality standards if they are to benefit from the lucrative African Continent Free trade Area (AFTA)...

  • UGX322 billion earned from April coffee exports

    UGX322 billion earned from April coffee exports..

    Gross earnings from Uganda’s coffee exports in April amounted to about US$85 million (about UGX322 billion), according to the Uganda Coffee Development Authority...

  • Moos as Kenya blocks Ugandan dairy products again

    Moos as Kenya blocks Ugandan dairy products again..

    Top dairy exporters are bitter that Kenya has once again refused to grant them licenses to export their products to the lucrative market. ..

  • EABC wants uniform Common External Tariffs

    EABC wants uniform Common External Tariffs..

    The East African Business Council (EABC) has urged regional governments of the East African Community (EAC) to uniformly apply the EAC Common External Tariff (CET) in a bid to boost intra-EAC trade, investment, and regional value chains. ..

  • World Standards Day: Entrepreneurs tipped on certification

    World Standards Day: Entrepreneurs tipped on certification..

    As Uganda joins the global community in celebrating World Standards Day this October, Minister of Trade, Industry and Cooperatives Francis Mwebesa is urging stakeholders across all sectors to adopt and implement relevant standards. ..

  • EAC partners warned on trade bottlenecks

    EAC partners warned on trade bottlenecks..

    Regional political and business leaders have expressed concern about the daunting challenges that the private sector continues to face in regard to trade in the region...

Most Recent