Monday, November 11, 2024

Kenya and China move to end trade imbalance

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Fred Dzakpata
Fred Dzakpata is a Ghanaian journalist who specializes in business reporting in Africa.

Kenya’s President Uhuru Kenyatta and his Chinese counterpart Xi Jinping are hoping to end trade imbalance between their two countries.

Both countries are to sign a deal covering imports and exports of animal and plant products between the two nations.

Kenyan and Chinese delegations had earlier held discussions in Shanghai on Wednesday to conclude the trade agreements ahead of signing.

If successful, the deal will involve Kenya exporting avocados, mangoes, peas, beans, greengrams, flowers, and vegetables.

Herbs, meat, hides and skins, bixa, nuts, gum arabica, myrrh, tea, coffee and honey will also be consider for export to China.

Kenya’s main exports to China have been black tea, coffee and leather. The Asian economic giant exports various items ranging from domestic products to commercial.

The agreement, to be signed between the Ministry of Agriculture and China’s Customs Department, is a follow-up to the pact reached between the two states in March 2011.

On Monday, President Kenyatta asked his Chinese counterpart Xi Jinping to enact measures which can raise the volume of goods coming from Africa to China.

He asked more Chinese firms to invest locally, saying Kenya has one of the most conducive business environments in Africa.

China became the leading source of goods into Kenya in 2015, following her aggressive marketing strategy as well as a focus on the close ties with the East in the initial years of the Jubilee administration.

Data recently compiled by the Kenya National Bureau of Statistics (KNBS) showed growth in trade between Kenya and China with the volume of exports rising by 7.5 per cent to 8.3 per cent between January and May this year.

 

 

 

 

Source: Africafeeds.com

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