Kenya has reaped good dividends from the African Growth and Opportunity Act (AGOA) that expires in 2025, hitting highest trade surplus of $331 million with United States of America last year.
Speaking when he opened the two – day American Chamber of Commerce (Amcham) summit in Nairobi yesterday, President Uhuru Kenyatta said the two countries have strong social economic ties that will go beyond America's trade treaty with Africa.
''AGOA has been successful in straightening Kenya's economic market. I thank and ask the private sector to be key to developing this relationship further,'' Uhuru said.
Uhuru said his government has shrived to uphold good business practices and keep the business fair and have a level playing field whether local or international.
“We invite you to partner with us and work together in pushing our social and economic development forward,'' the president added.
Kenya exported to the US goods valued at $661 million (Sh66.1 billion) in 2018, up from $588 million (Sh58.8 billion) in 2017.
This ranks the USA among the top three export destinations in the world for Kenya after Uganda and Pakistan, accounting for 7.9 per cent of total export last year.
U.S Imports into Kenya on other hand shrunk to $315 million (Sh31.5 billion) compared to $429M (Sh42.9 billion) the previous year.
Speaking during the event, AmCham board president Phillipine Mtikitiki said the business lobby supports open, comprehensive and reciprocal trade agreements contributes to not only a more enabling business environment but also give more opportunity to benefit from export trade.
US ambassador to Kenya Kyle McCarte said his country will continue to champion for mutual business ties with Africa as opposed to do donor aids even post Agoa.
''The legislation, which removed all tariffs on 6,400 products available for export to the US, helped to move the US-Africa relationship from aid to trade, from donor-recipient to one of mutual benefit and gain,'' McCarte said.
He revealed that businesses from America have extended an export promotion credit worth $400 million (Sh40 billion) to eight counties in the country to support local businesses.
Over 200 companies are participating in the Summit where they are expected to meet and explore information, ideas and opportunities, driven by the spirit of partnership for mutual benefit.
The summit which is in its second edition is focusing on infrastructure, manufacturing, agribusiness, digital economy, health and energy
