Corporate Council on Africa (CCA) in partnership with Kenya Private Sector Alliance (KEPSA) hosted a discussion with Kenyan and U.S. business leaders and government officials on the benefits that will arise from a Kenya-U.S. Free Trade Agreement
The round table discussion explored how the private sector can support this bilateral effort and take full advantage of investment and trade opportunities that will come from a Kenya-U.S. Free Trade Agreement.
This comes as a follow up to the recent visit of H.E. President Kenyatta to the United States, where both states announced the launch of talks aimed at establishing a free trade agreement (FTA) between the two countries.
If the plans succeed, it will be the first the United States FTA with a sub-Saharan African nation.
To enhance its trade and investment relationship with other African countries, the U.S might use the same model.
President and CEO of the Corporate Council on Africa (CCA), Ms Florizelle Liser, said that a Free Trade Area between Kenya-U.S. could build on Kenya’s success in trading value-added products under the African Growth and Opportunity Act (AGOA).
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“It is also an opportunity,” she said, “for the private sectors of both the U.S. and Kenya to deepen trade and investment ties in key sectors from energy to banking, construction, ICT/digital trade, health, manufacturing and services trade.”
Ms Liser added that the roundtable was the first of many that CCA plans on hosting with KEPSA as a long-time partner.
“We would like to use this platform to provide regular updates on ongoing negotiations, ensure private sector participation and support, and extract real-time opportunities for businesses,” she said.
KEPSA CEO, Carole Karuga, emphasized on the importance the FTA between the two states stating that the increased trade opportunity for export and import would lead to the growth of businesses.
U.S. Ambassador to Kenya, Kyle McCarter said they look forward to working together to create a free-trade agreement that allows Kenyan and American businesses to benefit from increased access to each other’s markets.
An MoU was signed between KEPSA and CCA to promote mutual interests through cooperation in the promotion of trade and investment opportunities in Kenya.
Free trade increases prosperity for the citizens of all participating nations by allowing consumers to buy more, better-quality products at reduced costs.