The European Union supports the work of the African authorities for the introduction of global customs rules and facilitating trade by EUR 5 million (about 1.6 billion forints), the European Commission said on Friday.
According to the information, EU support helps to fulfill the commitment to build a Customs Harmonization System (HS) agreement signed on Thursday with the International Customs Union (WCO).
It has been reported that the system is an essential element of the application of world trade and global customs rules, allowing authorities to recognize and classify goods arriving at and leaving their customs areas. It helps to harmonize customs rules while reducing international trade costs. The new EU funding will provide support to African countries, regional economic communities and the African Union Commission to apply the system in a coordinated manner across the continent and thereby facilitate the easier and faster movement of goods.
The offer also supports the creation of an African Free Trade Area, which was resolved by the African Union General Assembly in March in Kigali, Rwanda, according to the announcement.