Trade talks between Kenya and the US on the Free Trade Agreement (FTA) will begin on July 7th, building up to the signing of the agreement.
Speaking on the forum by the Corporate Council on Africa, President Kenyatta discussed the importance of trade and investment to jump-start economic recovery.
“To reverse the COVID related economic decline, we need a massive injection of investment capital in our economies and a quantum increase in our exports. Kenya is particularly keen to negotiate an agreement that will promote mutually beneficial investment end economic relations,” said President Kenyatta.
During the forum, the president talked about the importance of the FTA agreement in improving trade and investment in the country.
We expect that the FTA will lead to massive inflow of Foreign Direct Investment into Kenya and the rest of Africa; which will in turn catalyze linkages in supply value chains across the wider African Region.President Kenyatta
President Kenyatta also called for American private sector investment in Kenya’s health sector. He asked industry giants to expand the medical supply chain globally by establishing new bases in Africa, which would help in the distribution of medical equipment.
FTA to Guide Future Trade Agreements
In the conference, Ghananian President Nana Akufo-Addo hinted the need to extend the AGOA, given its benefit to African enterprises to enter the US market.
“There is every reason we should look at the possibility of extending [AGOA], and to that extent, we look to the private sector of the United States to help us,” said President Nana.