Kenya and South Korea agree on Free Trade Agreement

Kenya and South Korea have agreed on a roadmap that will lead to a free trade agreement between the countries. In bilateral talks between South Korean Trade minister Dukgeun Ahn and his Kenyan counterpart Moses Kuria, the two parties agreed to enter into Free Trade Agreement negotiations with immediate effect.

Even as the negotiations progress, the two ministers agreed to conclude a Trade and Investment Promotion Framework that will be signed by January 31 next year. The deal will address the challenges that hinder smooth flow of trade especially on Kenyan products such as coffee, tea, avocados and avocado products, cut flowers, nuts and fresh vegetables.

The Trade and Investment Promotion Framework is expected to address the trade imbalance that favors South Korea whose exports’ worth to Kenya stands at $500 million (Ksh60 billion) compared to Kenya’s exports to Korea at $25 million (Ksh3 billion).

Source: capitalfm.co.ke


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