New agreement aims to expand market access and rebalance trade relations
Kenya has announced the finalisation of a new trade agreement with China, marking a significant step in strengthening economic ties between the two countries and opening new opportunities for Kenyan exports.
President William Ruto revealed the development during an investment conference in Nairobi, though specific details of the deal remain undisclosed. The agreement builds on earlier negotiations that proposed granting up to 98% of Kenyan exports duty-free access to the Chinese market.
The move is part of Kenya’s broader strategy to deepen cooperation with China, following recent high-level engagements and multiple financing and partnership agreements signed during Ruto’s visit to Beijing.
Currently, trade between the two nations is largely imbalanced, with China exporting significantly more to Kenya. The new deal is expected to help Nairobi improve its export performance and reduce the trade gap over time.
The agreement highlights Kenya’s efforts to diversify its economic partnerships and strengthen its position in global trade amid shifting geopolitical and economic dynamics.
Source: Newstimehub
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