NAIROBI, Kenya, Feb 15 – Kenya Private Sector Alliance is set to work with various stakeholders in the country and the United States to explore how the association can take full advantage of investment and trade opportunities that will arise from a Kenya – U.S. Free Trade Agreement.
KEPSA Chief Executive Officer Carole Kariuki said the mutual beneficial agreement between the two states will ensure a balance and be of value to both Kenya and the United States.
“Kenya should draw lessons from Morocco on the challenges and opportunities that are emerging with the free trade agreement between Morocco and the U.S. in order to learn and eventually do better,” she urged. In this regard, KEPSA, Corporate Council on Africa and General Confederation of Enterprises in Morocco (CGEM) will work together to learn lessons from the Morocco experience,” said Kariuki.
U.S. Ambassador to Kenya, Kyle McCarter added that a successful US -Kenya FTA will stand as a landmark for Africa as trade exports and imports increased.
“We look forward to working together to create a free-trade agreement that allows Kenyan and American businesses to benefit from increased access to each other’s markets and one where both our consumers will enjoy greater prosperity through expanded choice and competition within the marketplace,” McCarter said.
The announcement follows the recent visit of President Uhuru Kenyatta to the United States, where the U.S. and Kenyan Government announced the launch of talks aimed at establishing a free trade agreement between the two countries.
The launch of talks aimed at establishing an FTA between the two countries which if successful, it would be the first United States FTA with a sub-Saharan African nation.
This will also pose as a potential model the United States will use to enhance its trade and investment relationship with other African countries.
KEPSA and Corporate Council on Africa also agreed to promote mutual interests through cooperation in the promotion of trade and investment opportunities in Kenya.
This emphasized on the need to explore opportunities between Kenya and the United States on the backdrop of the commencement of the negotiations on the free trade agreement between Kenya and the United States.
Free trade increases prosperity for the citizens of all participating nations by allowing consumers to buy more, better-quality products at lower costs.
It drives economic growth, enhanced efficiency, increased innovation, and the greater fairness that accompanies a rules-based system.