Regional Transit Bond in the SADC Region:
One significant cost incurred by freight companies is that of providing bonds guaranteeing that goods passing through a territory will be taken out of it. Considerable work has been done to harmonise systems in the region but still carriers are often obliged to give separate guarantees for each country of transit. Harmonisation into a single Customs Transit Bond Guarantee System (CTBGS) would provide more rapid clearance of vehicles at border posts, reduced freight charges, reduce financing charges and improve collection of duties and taxes.
RTFP is financing a project for SADC Secretariat to finalise the development of the system and the operation of a pilot 'test run' over a period of eight months in the Beira and the Durban transit corridors.
A meeting for the many stakeholders (both government and private sector) was held in March 2007
- see below.
Electronic Validation of Documents
The complete SADC Regional Transit Management system will also eventually incorporate electronic validation of customs documents as well as a modern transit tracking system based on risk management. A project to develop these elements is also being financed by RTFP.
The system envisaged will enable customs administrations in exporting countries to validate documents presented to them for clearance of goods and then transmit these electronically to the importing country. I t will have elaborate security features and international experience has shown that security can be enhanced through regular exchange of information between customs administrations and by employing risk management techniques aimed at assessing the credibility of operators.
The Terms of Reference for the whole project to establish a Regional Transit Bond Chain Guarantee System incorporating transit tracking; risk management system and electronic validation of Customs Documents may be viewed.