The first phase of the Strategic Trade and Investment Partnership (STIP), which will stand as the bedrock of future bilateral conference, has been concluded between the United States and Kenya.
According to the representative from Kenya, led by Alfred K’Ombudo, Trade Principal Secretary, the five days of the conference for the international non-governmental interference trade pact will soon yield expected results.
Just like Tanzania, Kenya has also focused on foreign direct investment. Presently, Kenya is one of the most beautiful markets in Africa and is ready to approve relevant technology and commence reinvigorated inceptive so that the nation can succeed in diverse sectors.
According to a statement from the ministry, during the course of the meetings, the two parties said they will tackle all the sections drawn out in the 14th July, 2022 joint statement declaring the inceptive.
The purpose of the partnership is to push investment, augment regional economic wholeness and accelerate maintainable and inclusive economic development for the aid of labour force, consumers and businesses in Africa.
Negotiations started between the two countries when former presidents, Donald Trump and Uhuru Kenyatta, were in office in July 2020,
After the US election in November 2020, before commencing new negotiations, President Joe Biden’s tenure took a while in the subsequent reading of a section of the agreement.
The representatives identified a number of first conditional notes in which the two countries will transact business with dedication to birth economically important yields in a joint statement published after the negotiation.
Some of the areas named during the trade talks were anti-corruption, digital trade, agriculture, environment and climate action,micro, small and medium sized businesses, protecting employees’ rights, acceptable regulatory customs and internal service regulation.
The partnership will also assist women, youths and others take part in customs processes, trade facilitation, commerce and standard setting.
In the agreement, Kenya wants to get access to nothing less than 5% of the US market which has the ability to introduce over Sh2 trillion in annual export profit.
