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Kenya to host Kenya trade week in partnership with COMESA

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Kenya will be hosting the 3rd edition of Kenya trade week in partnership with COMESA Source 21 high level business summit next week.

Trade, Principal Secretary Chris Kiptoo says the summit provides a platform to take stake stock of the gains made following the adoption of Integrated National Export Development and Promote Strategy.

The strategy prioritizes 23 sectors among them industry, agriculture and tourism which are key in boosting intra African trade as well as create an avenue for Business connections among Africa member states.

The current intra-Africa trade fluctuates between 15 and 18 per cent and efforts to boost this and tap the 3.4 trillion dollars market are on the rise.

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The trade summit is expected to not only provide a platform for stakeholders involved in trade to showcase the best in the region but also exchange ideas on the current state of play in trade.

Kenya will be looking to expand its export values as well as diversify its products under the buy Kenya build Kenya initiative as well as E-commerce.

Kenya currently is doing almost 6 billion dollars of export which is about 8 percent of the GDP.

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Kiptoo says the summit will provide an opportunity for participants to deliberate on the economic diplomacy in the contest of the regional blocs that include EAC, COMESA, TFTA and AfCFTA.

The Economic Commission for Africa suggests that the AfCFTA has the potential both to boost intra-African trade by 52.3 per cent by 2022 by eliminating import duties by 90 per cent, however only 22 members have ratified the agreement

 

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