TEXT: • Kenya is sizable local market with a population of about 50 million people and growing at approximately 3% annually.
• East African community has an estimated population of 180 million people across 6 states (Kenya, Burundi, Rwanda, Tanzania, Uganda and South Sudan) backed by a customs Union and Common Market Protocol.
• Common Market for Eastern and Southern Africa comprises of 20 member states with a population of over 450 million.
• Tripartite free trade area between EAC, COMESA and SADC has been signed and offer a market of 600 million people.
• The African Continental Free Trade Agreement (AfCFTA) was signed in Kigali, Rwanda, on 21st March 2018. This allows for free movement of goods and services within the continent.
• African Growth and Opportunity Act allow duty and quota free access to the US market for over 6000 products.
• Economic Partnership Agreement with European country community provide preferential access to the larger EU market.
• Generalized system of preferences (GSP) provide access to various markets in the developed world and offers preferential treatment with a wide range of products.
Copyright Business Recorder, 2021
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