Roundup: Kenya, Egypt resolve to boost bilateral trade

Kenya and Egypt on Saturday agreed to increase bilateral trade to help enhance their historic ties that date back to the pre-colonial days.

Kenyan President Uhuru Kenyatta and Egyptian President Abdel Fattah El-Sisi said the two countries are working on concluding agreements that will remove hurdles hindering trade and investment between the two countries.

"It is not enough to sign agreements. We need to ensure they are fully implemented for the mutual benefit of the people of our two countries," Kenyatta said at a joint news conference in Nairobi.

He expressed the need for the two countries to implement agreements they have signed in the past and finalize others especially on avoidance of double taxation and on reciprocal promotion and protection of investments.

Kenyatta and El-Sisi agreed that the Kenya-Egypt Joint Commission for Cooperation -- which is in its sixth cycle -- was the right vehicle for promoting political, economic and social cooperation between the two countries.

The two leaders said Kenya and Egypt would also work together to expand their areas of cooperation including the fight against violent extremism and radicalization in Africa.

"Kenya recognizes Egypt's good work in combating these vices, and I reiterated our desire to partner in that work," Kenyatta said.

The two leaders held a one-on-one talks before they led their delegations in bilateral talks aimed at bolstering cooperation between Kenya and Egypt.

The total volume of trade between Kenya and Egypt stood at about 450 million U.S. dollars in 2015 while the highest value was approximately 597 million dollars in 2012, according to official statistics.

Kenya's total exports to Egypt were valued at approximately 200 million dollars with a negative trade balance of 56 million dollars in 2015.

These exports comprise a limited number of products dominated by tea at 96 per cent of the total exports to Egypt. Egypt is the second largest importer of Kenyan tea.

Kenyatta also applauded the technical cooperation between Kenya and Egypt, noting that Kenyan public workers have benefited from training opportunities in specialized fields of health, agriculture, security, ICT and diplomacy through the Egyptian Partnership Agency for Development.

Speaking during the conference, El-Sisi -- who arrived in the morning for his first State visit to Kenya, said Cairo was keen to increase its trade with Kenya, saying that was a key element in enhancing the historical bonds between the two countries.

He also reaffirmed Egypt's support to Kenya in the war against terrorism as well as ensuring regional peace. Endit