Kenya, India strengthen bilateral trade
African Manager | 22 December 2008
Kenya, India strengthen bilateral trade
PANA
Kenya last week signed a new bilateral agreement with India, geared towards advancing trade, investment and technical cooperation.
During the two-day Fifth India-Kenya Joint Trade Committee (JTC) meeting, the two countries signed a new deal touching on various sectors of economy of both countries.
The meeting in New Delhi, India, was held in accordance with Article X of the Trade Agreement signed between Kenya and the Republic of India, 24 February 1981, in the Indian capital.
Dr. (Eng) Cyrus Njiru, Permanent Secretary, Office of Deputy Prime Minister and Minister of Trade led the Kenyan delegation, while the Indian delegation was led by Jairam Ramesh, Minister of State for Commerce and Power .
The Kenya High Commission in New Delhi, India, said in a statement that several areas were reviewed on the progress made in bilateral trade, with new areas of cooperation explored and ways and means to further enhance trade, investment and technical cooperation between the two countries discussed.
"Acknowledging that current trade patterns do not fully reflect the potential for trade and investment between the two countries, the meeting agreed to encourage entrepreneurship in several areas," the statement said.
The agreement further stated that in order to enhance competitiveness in the agricultural sector, the Indian National Research and Development Corporation (NRDC ) would assist Kenya in value addition, packaging and technological interventions to enhance agricultural output.
Regarding lines of credit, the Kenyan delegation expressed interest in accessing Lines of Credit (LOC) for several sectors.
In the tourism sector, it was recommended that a proposed draft agreement be concluded to tap on the existing potential.
Areas of agreement were also reached in several other sectors, including cooperation in trade and investment in the Export Processing Zones, joint venture investment in textile sector, co-operation in tea and coffee sectors, targeting process technology and research and development.
Furthermore, agreement was reached on development of infrastructure projects with emphasis on Build Operate Transfer (BOT), co-operation in business process outsourcing, administration of standards, co-operation in energy efficiency and conservation, bilateral investment promotion and protection agreement.
