Kenya and the United States have recently concluded a five-day in-person round of conceptual trade negotiations under their Strategic Trade and Investment Partnership (STIP) on February 13, 2023. It aims to deepen the economic ties between the two countries. The purpose of the Strategic Trade and Investment Partnership (STIP) is to facilitate trade between the two countries and increase investment to further support economic growth, and it will form the basis for future bilateral engagements.
During the trade talks, the U.S. and Kenyan delegations agreed to create a framework for future cooperation to support the STIP objectives. The Kenyan delegation, led by Trade Principal Secretary Alfred K’Ombudo, hopes that the five-day talks on the free trade agreement will bear fruit, as Kenya aims to capture at least 5% of the US market, potentially bringing in over 2 trillion Kenyan shillings in export revenues annually, according to Kenya Wallstreet.
With the negotiating teams now tasked with developing a roadmap for enhanced engagement on 11 pillars to boost foreign direct investment, spur sustainable and inclusive growth, and aid women and small and medium-sized enterprises, the U.S. delegation expressed its full support for Kenya’s ongoing efforts to build a more prosperous and secure future after the two exchanged views on key concepts to be addressed in almost all areas outlined in the July 14, 2022, joint statement.
Overall, the discussions were successful and the United States and Kenya are committed to advancing the STIP agreement. What a great step for Kenya!
Which aspects of the trade partnership are you looking forward to?
