Rebecca Miano, Kenya’s Cabinet Secretary for Trade, unveiled a pivotal trade agreement between Kenya and South Africa during the African Continental Free Trade Area (AfCFTA) Council of Ministers meeting in Durban.
Under this agreement, Kenya will export its renowned tea to South Africa under preferential tariffs. President Cyril Ramaphosa of South Africa expressed enthusiastic support for this collaboration, emphasizing the elimination of import charges between the two nations.
The launch of the first cargo consignment from South Africa to Kenya marks the tangible progress of this initiative.
Kenya aims to increase its export revenue to $10 billion (KSh 1.5 trillion) by 2030, targeting key markets such as the UK, US, and the Netherlands. Additionally, Kenya is poised to sign the CEPA agreement with the UAE to further expand its global trade presence.
With bilateral agreements already in place with the EU and the US, Kenya is strategically positioned to capitalize on emerging opportunities in international trade, fostering economic growth and cooperation.
By: Montel Kamau
Serrari Financial Analyst
6th February, 2024
