Kenya and Russia to sign a trade pact to boost bilateral relations
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Business reporter GAROWE ONLINE
- Posted On 30-05-2023, 01:36PM
NAIROBI, Kenya - Kenya will deepen its relations with Russia to increase trade volumes. The news was revealed by President William Ruto who said that trade between the two countries is still low despite the huge potential.
He said the two countries will sign a trade pact that will give businesses the necessary impetus.
The Head of State spoke on Monday at State House, Nairobi, when he hosted Russian Foreign Minister Sergei Lavrov.
The two leaders agreed on the need to reform the United Nations Security Council to make it more representative and more responsive to the needs of the 21st Century.
President Ruto said Africa should be represented at the Security Council, the UN’s top decision-making organ.
“The continent can bring to the table rich ideas, suggestions, and experiences that would serve the globe well,” he explained.
The President observed that Kenya and Africa count on friends like Russia in the creation of a new architecture at the Council.
Russia is a permanent member of the UN Security Council. Others are the United States, the United Kingdom, France, and China.
The Security Council also has 10 non-permanent members elected for two-year terms.
On the raging Russia-Ukraine War, President Ruto reiterated Kenya’s steadfast position on respect for the territorial integrity of member States as outlined in the UN Charter.
“Kenya calls for a resolution of the conflict in a manner respectful to the two parties,” he said.
Mr. Lavrov praised the 60 years of friendship between his country and Kenya, saying Russia’s relationship with the continent has new momentum after the 2019 Russia-Africa Summit.
He said scientific cooperation between the two countries has been growing.
Mr. Lavrov was in Nairobi on his way to a meeting of the BRICs Ministers of Foreign and International Relations in Cape Town, South Africa.
At the same time, Kenya’s head of state has also urged African leaders to fix its infrastructure to stimulate trade in the region. President William Ruto said the continent must establish sustainable funding to accelerate the overhaul of its infrastructure.
He said governments, the private sector, and development partners must partner to further this cause. He noted that the lack of an efficient transport system continues to impede investments.
“This has made it costly to do business, thereby reducing the continent’s competitiveness,” he said.
The President also called for the speeding up of the establishment of a common payment and settlement system to support trade between African countries.
“The system will be designed to eliminate the challenges of cross-border payments; this will accelerate intra-Africa trade,” he said.
He made the remarks on Monday during the opening of the African Continental Free Trade Area (AfCFTA) Council of Ministers Meeting and the African Private Sector Dialogue on AfCFTA in Nairobi.
The President appealed to countries yet to sign and ratify AfCFTA to join its peers in fashioning the next global economic powerhouse.
He said AfCFTA will stimulate commerce within Africa, generate jobs, enhance manufacturing, and drive economic growth.
If actualized by 2035, AfCFTA will help more than 30 million people escape extreme poverty.
It will also expand intra-African exports by about 80 percent. The President called on African leaders to strengthen the African Union by allowing it to negotiate on behalf of the continent
“We can negotiate better if we are a unit.”
Comoros President and Chairperson of the AU Assembly of Heads of State and Government Azali Assoumani, Champion of the AfCFTA and Former Niger President Issoufou Mahamadou, Secretary General of AfCFTA Wamkele Mene, Cabinet and Principal secretaries, the private sector among others were present.
GAROWE ONLINE
