Kenya Trade Agreements

Kenya is a country in East Africa that has been making headlines in recent years for its active involvement in international trade. With a population of almost 50 million people and a growing economy, Kenya is quickly becoming a hub for trade in the region. In this article, we will explore the various trade agreements that Kenya has signed and how they impact the country`s economy and trade relationships with other countries.

One of the most significant trade agreements that Kenya has signed is the African Continental Free Trade Agreement (AfCFTA). This agreement was signed by 54 African countries in 2018, and its aim is to create a single market for goods and services across the continent. The agreement is expected to increase intra-African trade, boost economic growth, and help to diversify African economies by reducing their reliance on exports of raw materials.

Kenya has also signed several bilateral trade agreements with other countries. One of the most notable is the Kenya-United States Free Trade Agreement (FTA). Although negotiations for this agreement have not yet been concluded, it is expected to increase trade between the two countries and provide new opportunities for businesses in both countries.

Another significant trade agreement that Kenya is a part of is the East African Community (EAC). The EAC is a regional intergovernmental organization that brings together six East African countries, including Kenya, Uganda, Tanzania, Rwanda, Burundi, and South Sudan. The EAC aims to promote regional integration and economic development through increased intra-regional trade, investment, and cooperation.

Kenya has also signed trade agreements with other African countries, including the Common Market for Eastern and Southern Africa (COMESA) and the Tripartite Free Trade Area (TFTA). These agreements aim to increase trade and investment between African countries and create a more integrated African market.

Finally, Kenya has also signed several trade agreements with European countries, including the European Union (EU). Kenya is one of the countries covered by the EU`s Generalized Scheme of Preferences (GSP), which provides preferential access to the EU market for certain products from developing countries.

In conclusion, Kenya has been actively pursuing trade agreements with other countries and regional organizations with the aim of increasing trade, boosting economic growth, and promoting regional integration. These agreements have the potential to provide new opportunities for businesses in Kenya and create a more diversified and robust economy. As Kenya continues to expand its trade relationships with other countries and regions, it will be interesting to see how these agreements impact the country`s economy and global trade relationships.