• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    East African Community Unveils Bioeconomic Strategy for the next Decade
    Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent’s Food Security
    Ghana & Nigeria to Improve Cross-Border Trade
    Tanzania Seeks to Reach New Record Cashew Production by 2025
    Nestle Nigeria Capitalized Rural Women to enable Financial Capacity and boosting Standard of Living
    World Trade Organization published…Trade plays an Important facet in Access to Medical, Goods and Services
    African Development Bank Group President Calls for More Partnerships to Build Africa’s Social Infrastructure
    Ghana, Key Stakeholders: Sign a Renewable Energy Agreement Worth US$69.88 Million to Improve Access and Socio-Economic Development
    Africa Development Bank Approves $1.5 Billion Facility to Counter Food Crisis on the Continent
    Sh32 Billion of Phase 2 of Second Container Terminal of the Kenya Ports Authority at the Port of Mombasa is finished off and…commissioning in June of 2022

    Kenya Private Sector Consortium Ratified its Contribution to the Incessant Kenya – US Free Trade Negotiations

    Posted On 11 Jul 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 12

    By Abdul Rahman Bangura–

    Photo Credit: Quartz

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Comprised of the American Chamber of Commerce in Kenya (AMCHAM), the Kenya Private Sector Alliance (KEPSA), the Kenya Association of Manufacturers (KAM) and the Kenya National Chamber of Commerce and Industry (KNCCI), the organization have approved the process.

    The four private sector organizations discern the negotiations as an alternative for bulgy, reasonable and symmetrical business between the two states, that will catalyze mutual economic growth, they explained in a mutual statement on July 9th, 2020.

    “We fully support the efforts of Kenya and the United States to negotiate a comprehensive and high-standard trade agreement to grow two-way trade and private sector investment,” states Nick Nesbitt – Chairman of the Private Sector Consortium on the Kenya – U.S. Free Trade Agreement (FTA) who is also creasing as the Chairman of the Kenya Private Sector Alliance and the East Africa Business Council.

    Kenya and the United States have an extended record of marketable relations pursuing around 70 years. The declaration in March 2020 of the expectation to mediate a bilateral business consensus between the two nations, noted a climacteric crossroads in the marriage and tooted a deepening of Kenya – U.S commercial complicity.

    The two countries currently trade under the African Growth and Opportunity Act (AGOA) agreement which is set to expire in 2025. Irrespective of having this commitment in position, trade between Kenya and the US continues exclusive with two-way goods trade registered at $1.1 billion (Sh117.8 billion) in 2019.

    Over the new agreement, Kenya struts to benefit from increased trade in goods and services, increased Foreign Direct Investment (FDI), the transfer of technology, knowledge, and know-how, the consortium notes.

    New Africa Business News
    Africa’s Fastest Growing Global Newspaper. Forward www.newafricabusinessnews.com

    This, they say will strengthen the local skill base and heighten the competitiveness of locally produced goods and services. Thus, in turn shall encourage tremendous admission and growth of Kenyan products and services into markets in the US and across Africa in expectation of the entire enactment of the African Continental Free Trade Area (AfCFTA).

    Kenya being East Africa’s largest business, financial, and transportation hub, with 80% of East Africa’s trade flowing through Mombasa Port, the US continues to profit from access to assorted supply chains, local partnerships, markets, and expansion opportunities which will give resilience and growth to American businesses and the U.S. economy.

    Phillipine Mtikitiki, AmCham – Kenya Board President noted: “A detailed, rules-based system allows for increased ease of trade and doing business between the two countries which can spur mutual prosperity, a win-win situation where both countries benefit from comprehensive and private sector investment leading to job and wealth creation”.

    On his side, KNCCI President – Richard Ngatia stated: “This agreement will increase access to both the Kenyan and the US market driving growth in exports for local manufacturers and accelerated growth of SMEs, the service economy and digital trade.”

    He endorsed that, consumers also stand to benefit from expanded choice of high-quality goods and services as a result of the competition it will create in the market. The trickle-down effect of the FTA is set to fill out and augment prevailing regional trade agreements such as the East African Community (EAC) and the AfCFTA.

    KAM Chief Executive Officer – Phyllis Wakiaga explained the FTA has the probable to revitalize both local and regional manufacturing sectors.

    “Increased opportunities for export of goods to the US and across Africa with the implementation of the AfCFTA will provide opportunities for complementary linkages in various industry sectors and the development of regional value chains” Wakiaga asserted.

    With the myriad of transnational cooperation increasingly key to economic growth in an ever-increasingly related world, the existing health disaster and financial challenges posed by the Novel Coronavirus pandemic(Covid-19) have given prominence to the need for robust economic alliances between countries, Nesbitt comments.

    The FTA sits to improve the long-term economic expectation for Kenya, positioning the country as a continental prototype for economic rebirth through global trade.

     

     

    Invest in Modern Africa
    Africa Fastest Growing Continent. Six of the World’s Ten Fastest Growing Economies are in Africa. More than Half of Global Population Growth between now and 2050 is Expected to Occur in Africa. This Decade Belongs to Africa as Technology Ripples through the Continent. Africa the Untapped Market. Africa Great Continent to Invest & Grow Business. Africa the Last Frontier for Investment. Africa is the Future.

     

    New Africa Business News Person of the year 2020
    Start Voting for New Africa Business News Person of the year 2020. Nomination Starts July 04 & Ends December 15/ 2020. Please Submit your Nominee’s Name, Country, Brief Reason for the Nomination. Please Limit Submission to 50 words and One Submission per Person. Email all Nomination to info@newafricabusinessnews.com. New Africa Business News Person of the year will be Announced January 01/ 2021. New Africa Business News. Africa’s Most Read and Fastest Growing Global Newspaper.  www.newafricabusinessnews.com 

     

    AFRICAN CONTINENTAL FREE TRADE AREA (AfCFTA)
    Accelerating Intra-African Trade and Boosting Africa’s Trading Position in the Global Market by Strengthening Africa’s Common Voice and Policy Space in Global Trade Negotiations. For More Information Contact: African Union Headquarters, P.O. Box 3243, Roosvelt Street W21K19, Addis Ababa  Ethiopia,  Tel: +251 11 551 77 00  Fax: +251 11 551 78 44.

     

    Africa President of the year 2020
    Start Voting for Africa President of the year 2020. Nomination Starts February 01 & Ends December 15/ 2020. Please Submit your Nominee’s Name, Country, Brief Reason for the Nomination. Please Limit Submission to 100 words and One Submission per Person. Email all Nomination to info@newafricabusinessnews.com. Africa President of the year will be Announced January 01/ 2021. New Africa Business News. Africa’s Most Read and Fastest Growing Global Newspaper.  www.newafricabusinessnews.com

     

    HELP FIGHT CLIMATE CHANGE
    United Nations Environment Programme (UNEP) Leading Global Environmental Authority that Sets the Global Environmental Agenda, Promotes Coherent Implementation of the Environmental Dimension of Sustainable Development within the United Nations System, and Serves as an Authoritative Advocate for the Global Environment.  Visit:  www.unenvironment.org 

     

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Sixteen Billion Leones Virtually Procured by China Friendship Salone and General Services of Seven Forty Feet Containers Comprising of Water Connection Equipment

    Next Story

    African Customs officials Set for Intensive Capacity Building Exercise Prior to the Implementation of African Continental Free Trade Area (AfCFTA)

    12 Comments

    1. Chanda July 11, 2020 at 2:35 am Reply

      Bilateral business should be good, if it benefit both countries. Thank you for reporting. Lusaka Zambia. Chanda

      • New Africa Business News, Staff Correspondent July 11, 2020 at 2:48 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Daniel July 11, 2020 at 3:10 am Reply

      I think the AU should be the right body to negotiate any trade deal.
      Harare Zimbabwe. Daniel

      • New Africa Business News, Staff Correspondent July 11, 2020 at 3:11 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Jean-Marie July 11, 2020 at 3:17 am Reply

      Thank you for reporting and thank you for signing me to you newsletter. Jean-Marie. Halifax, Nova Scotia

      • New Africa Business News, Staff Correspondent July 11, 2020 at 3:18 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Elna July 11, 2020 at 3:26 am Reply

      Any trade deal with any Country in our Continent, should be lead by African Union. Elna in Cape town SOUTH AFRICA

      • New Africa Business News, Staff Correspondent July 11, 2020 at 3:29 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Mieke July 11, 2020 at 3:36 am Reply

      Kenya is one of the many countries in the continent growing. One Africa one voice. Mieke! Stockholm Sweden.

      • New Africa Business News, Staff Correspondent July 11, 2020 at 3:37 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Abibatu Bangura Freetown, Sierra Leone. July 13, 2020 at 11:58 pm Reply

      Thank you, for signing me in to Agrica’s fastest growing online newspaper.

      • New Africa Business News, Staff Correspondent July 14, 2020 at 5:07 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    East African Community Unveils Bioeconomic Strategy for the next Decade

    Posted On 29 Jun 2022

    Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent's Food Security

    Posted On 24 Jun 2022

    Ghana & Nigeria to Improve Cross-Border Trade

    Posted On 21 Jun 2022

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    New Africa Business News Award Medalist of Excellence as Africa's President of the Year 2020-2021 meets the Heads of his Ancestors on March 17th, 2021 Samia Suluhu Hassan divulged

    Posted On 20 Mar 2021

    New Africa Business News, Person of the Year 2020-2021, Goes to Dr. Arikana Chihombori Quao

    Posted On 01 Jan 2021

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Facebook

    Latest Posts

    East African Community Unveils Bioeconomic Strategy for the next Decade

    Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent's Food Security

    Ghana & Nigeria to Improve Cross-Border Trade

    Recent Posts

    • East African Community Unveils Bioeconomic Strategy for the next Decade
    • Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent’s Food Security
    • Ghana & Nigeria to Improve Cross-Border Trade
    • Tanzania Seeks to Reach New Record Cashew Production by 2025
    • Nestle Nigeria Capitalized Rural Women to enable Financial Capacity and boosting Standard of Living

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.