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 are anticipated to yield results.
Just like Tanzania, Kenya has also laid much attention on Foreign Direct Investment. Presently, Kenya remains one of the most beautiful markets in Africa with its readiness to approve reformed relevant technology, readiness to commence reinvigorated inceptive and the nation’s readiness to examine the success of diverse sectors.
According to a statement from the ministry, during the course of the meetings, the two parties shared their views on the important notions to be tackled on almost all of 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 in Africa and accelerate maintainable and inclusive economic development for the aid of labour force,consumers and businesses.
While former presidents, Donald Trump and Uhuru Kenyatta, were in office in July 2020, negotiations started between the two countries.
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 on which the two countries share the wish to transact business with top standard dedication to birth economically important yields in a joint statement published after the negotiation.
Some of the topmost areas named 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 entering 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.