Home Africa Kenya: Government put the AfCFTA strategy into practice to increase trade

Kenya: Government put the AfCFTA strategy into practice to increase trade

158
0
SHARE
Vector isolated simplified illustration icon with silhouette of Kenya map. National flag. White background

Kenya has developed a national implementation strategy that offers a framework for the implementation of the AfCFTA, according to Industrialization, Trade and Enterprise Development Cabinet Secretary Betty Maina, in order to facilitate an expansion of the nation’s trade and investment in Africa and support structural transformation.

The strategy, according to her, is intended to secure markets for goods and services within the African region, promote value addition, and diversify products in the AfCFTA markets. It also aims to foster economic growth and sustainable development.

“According to Maina, the strategy incorporates mechanisms for fostering an increase in the engagement of women, minorities, young people, and people with disabilities in trade and investment in the area.

She continued by saying that the nation is creating a welcoming business environment to draw in new domestic and foreign investment, outfitting micro and small businesses to enable them to grow and increase productivity, and creating a significant number of medium and large businesses that can compete at the regional level.

The CS made the comments on Tuesday during a speech delivered in her place at the Private Sector Sensitization Workshop on Kenya’s National African Continental Free Trade Area Implementation Strategy, which was held at a Nairobi hotel. Oliver Konje, the Director of International Trade for the State Department of Trade and Enterprise Development, read the speech.

The goal of the session is to educate Kenyan stakeholders about the advantages of implementing the AfCFTA. In order to reach stakeholder agreement on strategies and the responsibilities they play for the nation’s implementation of AfCFTA, AfCFTA provided Kenya’s National Strategy.

According to her, the AfCFTA Agreement, which was signed on January 1 of last year and covers 1.2 billion people in 55 countries with a combined Gross Domestic Product of US$ 2.5 trillion and consumer and business spending totaling more than USD4.0 trillion, has become the largest free trade area in the world. This includes Kenya.

According to Maina, “AfCTA can lift about 30 million people out of extreme poverty while increasing the incomes of nearly 68 million others who live on less than five dollars.”

Kenya has developed a national implementation strategy that offers a framework for the implementation of the AfCFTA, according to Industrialization, Trade and Enterprise Development Cabinet Secretary Betty Maina, in order to facilitate an expansion of the nation’s trade and investment in Africa and support structural transformation.

The strategy, according to her, is intended to secure markets for goods and services within the African region, promote value addition, and diversify products in the AfCFTA markets. It also aims to foster economic growth and sustainable development.

“According to Maina, the strategy incorporates mechanisms for fostering an increase in the engagement of women, minorities, young people, and people with disabilities in trade and investment in the area.

She continued by saying that the nation is creating a welcoming business environment to draw in new domestic and foreign investment, outfitting micro and small businesses to enable them to grow and increase productivity, and creating a significant number of medium and large businesses that can compete at the regional level.

The CS made the comments on Tuesday during a speech delivered in her place at the Private Sector Sensitization Workshop on Kenya’s National African Continental Free Trade Area Implementation Strategy, which was held at a Nairobi hotel. Oliver Konje, the Director of International Trade for the State Department of Trade and Enterprise Development, read the speech.

The goal of the session is to educate Kenyan stakeholders about the advantages of implementing the AfCFTA. In order to reach stakeholder agreement on strategies and the responsibilities they play for the nation’s implementation of AfCFTA, AfCFTA provided Kenya’s National Strategy.

According to her, the AfCFTA Agreement, which was signed on January 1 of last year and covers 1.2 billion people in 55 countries with a combined Gross Domestic Product of US$ 2.5 trillion and consumer and business spending totaling more than USD4.0 trillion, has become the largest free trade area in the world. This includes Kenya.

According to Maina, “AfCTA can lift about 30 million people out of extreme poverty while increasing the incomes of nearly 68 million others who live on less than five dollars.

She noted that by 2035, the continental trade agreement will increase Africa’s exports of products and services by USD 560 billion while raising its income by USD 450 billion.

According to Maina, coordinated intraregional trade strategies will protect vulnerable nations from potential disruptions while also assisting Africa in remaining resilient in trying times.

The CS urged those in charge of the implementation strategy to hasten the resolution of any unresolved issues so that the private sector could benefit from the opportunity.

According to the CS, Kenya “will continue to play its part in the negotiations and continue to bear the voices of the private sector in the negotiations and in the implementation of the AfCFTA.”

She expressed her gratitude to the United Nations Economic Commission for Africa (UNECA) and other organizations for their assistance with the implementation procedure.

Mama Keita, the director of the Kigali-based subregional office for East Africa, urged the Kenyan business community to take advantage of the AfCFTA’s potential.

“The Kenyan government has given the AfCFTA with its implementation strategy; we aim to familiarize the corporate sector with the state.

LEAVE A REPLY