The East African Community, on Monday, August 4, launched EACBond, a single bond for transporting goods across partner nations.
The EACBond is set to transform how EAC nations trade with each other, as importers will only need to pay one customs bond across the region instead of different ones in each country.
A customs bond is essentially a financial guarantee, backed by money or insurance, that goods in transit will comply with customs regulations as they move through countries. "The EAC is today launching the EACBond, a regional customs guarantee instrument that replaces the need for multiple national bonds when transporting goods across Partner States," EAC stated in a notice.
Trucks stuck at a border post in Kenya.
