Trade between Kenya and the Latin America has received a major boost after the Kenya National Chamber of Commerce and Industry secured two Memorandums of Understanding with Argentina and Brazil.
KNCCI has entered into trade agreements with the Sao Paulo based -Afro Brazil Chambers of Commerce and Argentina’s Rosario Chamber of Commerce, a move likely to increase trade, investments, and secure market for Kenyan exports.
National chairman Kiprono Kittony said the MoUs will help bridge the current trade deficit between Kenya, Latin America and the Caribbean region.
“We have identified areas of focus and agreed to deepen our corporation,” Kittony told the Star in an interview in Nairobi.He led KNCCI and LAC Africa delegation on a five-day mission to Brazil and Argentina last week, to seek trade and investment opportunities.Under the MoU, the parties will promote commercial exchange on equitable terms.The agreements encourage trade missions, supply of market information and facilitating business networking.
“We agreed we shall participate in the LAC (Latin America and Caribbean) conference to be held in Argentina in September,” Kittony said.Under the memorandums, the parties are obliged to share market information on important economic and trade issues, including developments in their respective commercial legislation.They will also collaborate in training on trade and investment opportunities between both parties, and resolve trade disputes through mutual “consultation and, or negotiations.”
“This agreement shall automatically be renewed for successive periods of three years unless either party notifies the other in writing of its intention to terminate the agreement six months prior to the expiry of any such period,” the MoU reads.
Trade between Kenya and the two countries has remained low for decades. Imports to Kenya from Argentina in 2015 were valued at $15.74 million (about Sh1.62 billion) while exports were valued at Sh61 million.Imports from Brazil were worth $70.97 million (Sh7.31 billion) while exports were a paltry $5.13 million (Sh528.65 million), KNCCI data shows.
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