The Kenyan Cabinet has endorsed the Africa Continental Free Trade (AfCFTA) treaty for ratification. The bill for ratifying the treaty was signed in Kigali by 44 African head of states. The bill will be presented to the national assembly in the following few days.
The treaty will be enforced once it is ratified by 22 countries with Kenya being among the first countries to adopt the agreement.
During the meeting, the Cabinet asked the private sector to grasp the opportunities given by the treaty by expanding Kenya’s footprint to all 54 African countries.
“It is a great opportunity to export goods and services to the region and the continent,” the Cabinet said.
The Cabinet also approved the ratification of a tripartite free trade agreement which brings together Common Market for Eastern and Southern Africa (COMESA), the Southern African Development Community (SADC) and the East African Community (EAC). Additionally, the Cabinet said it would continue to prioritise the Big Four plan for the sake of Kenya’s growth.
AfCFTA will create a single liberalised market that will boost industrial development, regional value chain development, and food security. Furthermore, when completely executed, members under the treaty will enjoy the ease of a single currency and passport.
“The trade deal also binds all State parties to eight objectives including the progressive elimination of tariffs and non-tariff barriers to trade in goods. The signatory State parties are also expected to progressively liberalize trade in services.”
