This archive report was first published on 13 December 2019.
At the recently concluded 9th ACP summit, member states rallied behind the growth of inter-Africa trade, with a focus on increasing the region's global trading share from 3% to 10% in the next ten years.
Key to this goal is the establishment of air and sea trading routes between the ACP, African, Caribbean, and Pacific regions, which will not only boost trade but also provide opportunities for the private sector to thrive.
According to President Uhuru Kenyatta, ACP Chairman, 'The air and sea trading links will be the first step of realizing our long term goal of increasing ACP’s share of global trade. This way, we can leverage on our combined economic strength.'
Member states also developed an endowment fund to promote the sustainability of the group's activities, with countries like Kenya, Papua New Guinea, and Ghana pledging fund support.
Other significant developments from the summit include the endorsement of a new 20-year ACP-EU partnership, which aims to eradicate poverty and integrate ACP states into the global economy.
Kenya, in particular, has committed KSh50 million to the ACP group fund, as reported by Kenyan Wall Street in December 2019.
