Thursday, Sep 16, 2021
International Finance
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Kenya-US to resume talks on a bilateral trade agreement

Kenya US talks_IFM_Image
Talks between the two nations were on hold due to the US Presidential election

Kenya and the US are set to resume talks when it comes to a bilateral trade agreement between the two nations, media reports said. Talks between the two nations were on hold for a period of four months due to the US Presidential election, which took place in November last year.

Kenya and the US formally launched negotiations for a Free Trade Agreement (FTA) on July 8 last year, months after President Uhuru Kenyatta and former US President Donald Trump made the announcement in February 2020. However, Democratic Party candidate Joe Biden replaced Donald Trump during the latest presidential election.

State House Spokesperson Kanze Dena told the media, “Kenya and the US launched FTA negotiations on 8th July 2020 with the objective of reaching a comprehensive trade pact that can serve as a model for similar agreements in Africa.”

It was reported in the media that Kenya’s economy will grow by 4.9 percent in 2021 as the African nation eases Covid-19 restrictions that were put in place to curb the spread of the virus in the country. Last month, it was reported that Kenya will receive around $2.4 billion from the International Monetary Fund (IMF) as financing.

May Goodman, Staff team lead for the IMF told the media, “I am pleased to announce that the Kenyan authorities and the IMF mission team have reached agreement on economic and structural policies that would underpin a 38-month program under the EFF and ECF arrangements for about $2.4 billion.”

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