Kenya and the United States of America have successfully completed the second round of negotiations on the Strategic Trade and Investment Partnership (STIP). This agreement aims to strengthen the two countries’ bilateral investment relations.
The Ministry of Investment, Trade, and Industry Cabinet Secretary (CS) Moses Kuria said that both states are committed to enhancing trade between the two countries.
He said the partnership also aims at boosting trade and investment relations through anchoring the same in a formal binding bilateral agreement in several areas including digital trade, services domestic regulations, standards collaboration, micro small, and medium enterprises, labor, agriculture, women and youth, and anti-corruption measures.
The CS said to enhance trade and investment in the counties, the government will put in place Export Processing Zones (EPZ) in Eldoret and Busia and promised that next week he will gazette the establishment of EPZs in Murang’a, Sagana, and Nakuru to boost the country’s economy at both the national and county level.
The current existing framework of AGOA is set to expire, hence the need to adopt a longer term and secure a bilateral trade agreement.