Browsing: World Trade Organization (WTO)

US President Joe Biden meets with his Kenyan counterpart Uhuru Kenyatta in the Oval Office at the White House in Washington DC, October 14, 2021. www.theexchange.africa

New Dawn: Revival of the Kenya-US Free Trade talks

Industry and Trade

Trade between Kenya and the US is governed by the World Trade Organization (WTO), given that both countries are members of the Organization.

The African Growth and Opportunity Act (AGOA), is perhaps the highlight of the strong trade relations between Kenya and the US; enacted in May 2000 and has since been renewed to 2025. Under the Act, Kenya qualifies for duty-free access to the U.S market, exporting products such as textiles, apparel, and handicrafts among many others.  

The US views Kenya as a key strategic trade partner in the region, which is the second-largest beneficiary of the AGOA tariff benefits. In 2019, trade between the United States and Kenya was estimated at US$1.1 billion, recording a 4.9% increase from 2018. Top US imports from Kenya were apparel, estimated at US$454 million, edible fruit and nuts at US$55 million, titanium ores and concentrates at US$52million and coffee at US$34 million.…

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US backs Nigerian candidate in contest to lead WTO

Nigeria

The US-Nigeria relations is expected to grow even stronger after the United States expressed its strong support for the Nigerian candidate in the contest to lead the World Trade Organization.

Former Nigerian finance minister Ngozi Okonjo-Iweala has attracted broad support from member countries in the race for Director-General, with US being the latest to throw her weight behind her candidature.

The endorsement paves the way for unanimous agreement on the post, which has remained vacant for months.

Former President Donald Trump’s administration had backed South Korean trade minister Yoo Myung-hee, preventing a consensus.

However, Yoo on Friday announced her withdrawal from the race.

The US Trade Representative then proceeded to issue a statement saying the administration respects her decision to pull out.

If it is approved, the appointment of Okonjo-Iweala will fill the top post of the global trade watch dog for the first time since last September, after the …

World Trade to decline by 9.2% in 2020- WTO

Industry and Trade

The World Trade Organization (WTO) forecasts a decline in the volume of world merchandise by 9.2 per cent in 2020 and 7.2 per cent in 2021.

According to a press lease from the WTO, it said that the estimated are subjects to “an unusually high degree of uncertainty” since they depend on how the government will respond to the pandemic.

This decline is less than WTO’s forecast in April of 12.9 per cent in the optimistic scenario. June and July showed a strong trade scenario which brought some optimistic signs for overall trade growth this year.

According to WTO, in these two months, trade growth was particularly strong in Covid-19 related products which showed trade’s ability to help governments obtain needed supplies.

“Conversely, the forecast for next year is more pessimistic than the previous estimate of 21.3 per cent growth, leaving merchandise trade well below its pre-pandemic trend in 2021” …