This archive report was first published on 12 July 2019.
Kenya is set to host the 3rd edition of the Kenya Trade Week in partnership with COMESA, a regional economic community. The event is scheduled to take place next week.
According to Principal Secretary for Trade, Chris Kiptoo, the summit will provide a platform to take stock of the gains made following the adoption of the Integrated National Export Development and Promotion Strategy.
The strategy prioritizes 23 sectors, including industry, agriculture, and tourism, which are key in boosting intra-African trade and creating business connections among African member states.
Kenya's current intra-Africa trade fluctuates between 15 and 18 percent, and efforts to boost this and tap the $3.4 trillion market are on the rise.
The trade summit is expected to provide a platform for stakeholders involved in trade to showcase the best in the region and exchange ideas on the current state of play in trade.
Kenya aims to expand its export values and diversify its products under the 'Buy Kenya, Build Kenya' initiative and e-commerce.
Kenya currently exports goods worth almost $6 billion, which is about 8 percent of the country's GDP.
The summit will also provide an opportunity for participants to deliberate on economic diplomacy in the context of regional blocs, including the East African Community (EAC), COMESA, the Tripartite Free Trade Area (TFTA), and the African Continental Free Trade Area (AfCFTA).
According to the Economic Commission for Africa, the AfCFTA has the potential to boost intra-African trade by 52.3 percent by 2022 by eliminating import duties by 90 percent. However, only 22 members have ratified the agreement.
