Kenya and USA sign SME Trade Initiative
Kenya and the USA have signed a deal that will enable Kenyan Small and Medium-Sized Enterprises(SMEs) to take full advantage of the African Growth and Opportunity Act (AGOA) and be prepared to effectively leverage any future trade agreement between the U.S. and Kenya.
President Uhuru Kenyatta witnessed the signing of the Corporate Council on Africa (CCA) and Kenya Private Sector Alliance (KEPSA) U.S joint SME Trade Initiative during his recent visit to the U.S
The initiative recognizes the critical role that SMEs play in U.S. and Kenyan trade and seeks to expand trade and investment between American and local SMEs through partnership, information sharing, training, logistics, financing, and more.
CCA and KEPSA will collaborate to harness needed support from the Kenyan and U.S. governments, including under the U.S. Prosper Africa Build Together campaign. In addition, the initiative will seek to link the country and U.S. SMEs – especially women, youth, minority, and diaspora-owned – to the regional and global value chains of multinational companies that are members of CCA and KEPSA.
The launch event included a select group of U.S. and Kenyan SMEs and multinationals active in the trade partnership, including Flutterwave, Kentegra, Pfizer, Talanton Impact Fund, Visa Foundation, BizSoultions 360, and Swahili Village, among others.
CCA and KEPSA also saw a high-level Kenyan delegation participate in the initiative’s launch event, including President Kenyatta’s Senior Economic Advisor, Cabinet Secretaries of Foreign Affairs and Industrialization and Trade, and Ambassadors to the United States and the United Nations.
CCA said it will implement its partnership with KEPSA to scale up trade between the two countries, investment, and business through the power of SMEs.