Corporate Council on Africa delegation president and CEO Stephen Hayes (Left) with CFC Stanbic East Africa regional boss Mike Blade. Photo/DIANA NGILA  IN SUMMARY The dinner event hosted in Mohamed’s honour resolved to immediately put modalities for holding of joint conferences, workshops and exhibitions to further the aim of greater US-Kenya trade and investment. A lobby representing United States businesses eying investment in Africa has today partnered with the Kenya government to in effort boost direct investments in Kenya. The partnership between Corporate Council for Africa and Kenya’s industrialisation ministry will help create cross-linkages between Kenyan and US traders enabling them to enjoy direct access to markets in both countries for mutual benefit. The two-year partnership deal signed by Trade, Industry and Cooperatives Cabinet Secretary Adan Mohamed and CCA President Stephen Hayes here in Washington, DC also stated that both parties will share information on existing opportunities for investment. “This MOU is a great opportunity for us to work more closely to promote trade and investment in Kenya. The Corporate Council has always been a champion for U.S. -Kenya business and we look forward to doing even more with them,” said the CS. A representative office The dinner event hosted in Mohamed’s honour resolved to immediately put modalities for holding of joint conferences, workshops and exhibitions to further the aim of greater US-Kenya trade and investment. CCA has conducted trade excursions to Kenya on several occasions that culminated to opening of a representative office in Nairobi. Mr Hayes said that...

The six African countries threatened with losing access to the European single market have finally agreed to sign the EU’s Economic Partnership Agreements (EPAs). But the continent’s regional integration may suffer as a result. EurActiv France reports. Kenya’s parliament last Wednesday (21 September) ratified the European Union EPA, signalling the end of a drawn-out struggle between several African countries and the European Commission, over the future of their trade relations with the EU. In July, Brussels had upped the pressure on six African governments, threatening to suspend their single market access if they had not ratified the new agreements by 1 October. Customs duties Faced with a tax on their EU exports if they failed to cooperate, Ghana, Ivory Coast, Botswana, Namibia, Swaziland and Kenya all finally agreed to ratify their Economic Partnership Agreements, bringing the lengthy negotiation process to an end. These EPAs replace the non-reciprocal trade agreements granted by the EU under the Cotonou agreement, signed in June 2000. The aim is to maintain the preferential access to the European market enjoyed by the African, Caribbean and Pacific (ACP) countries, in return for reduced customs duties for European exports. But the balance of the new agreements has attracted criticism from certain African countries, as well as civil society organisations, which say the dice are weighted in favour of the EU. The loss of customs revenue, coupled with competition from European products arriving on less development markets, is a major cause for concern. Integration in East Africa Following the...

The travel and tourism industry is recognizing World Tourism Day. Founded in 1980 by the United Nations World Tourism Organization (UNWTO), each year World Tourism Day brings together the global tourism community to highlight a significant theme with implications for destinations large, small, cosmopolitan, and rural, on every continent. This year's theme, “tourism for all, promoting universal accessibility,” touches on one of the most salient tenets of travel – mobility and inclusivity. According to the UNWTO, “accessible tourism for all is about creating products and services that can equally be enjoyed by persons with disabilities, tourists and locals, families with small children, seniors and everyone else.” According to 2015 UNWTO figures, Africa welcomed 62.6 international tourists, a decline of 2.7 million from the year prior, yet there is no greater region with the potential to boost accessibility for local, regional, and international visitors than in Africa. And in 2016, we have seen tremendous strides in making Africa a more accessible destination. “Africa has some of the most exciting and unique tourism experiences. The focus on tourism inclusivity and accessibility for all, presents African entrepreneurs with tremendous economic opportunities to develop tourism products, services, supply chains, and technology platforms to accelerate Africa's tourism sector growth and sustainability,” said Charles Leyeka Lufumpa, Director of the Statistics Department, African Development Bank. This year's Tourism Day celebrations coincide with the launching in July 2016, of the African Union's electronic passport (e-Passport). “This flagship project, first agreed upon in 2014, falls squarely within the framework...

The World Trade Organization Tuesday lowered its global trade forecast, warning that anti-globalisation rhetoric and Brexit were pushing trade growth to its slowest pace since the financial crisis. The warning comes as talks on a landmark free trade deal between the European Union and the United States faces stiff opposition and Britain's EU exit causes jitters. The WTO said that global trade was now estimated to expand by just 1.7 percent this year, compared to its April projection of 2.8 percent. The WTO estimates that global trade will expand by just 1.7% in 2016, compared to its April projection of 2.8% The new figure is also a far cry from a projection a year ago that trade would swell by 3.9 percent this year. Describing it as "wake-up call", the Geneva-based global trade body said growth had fallen to its slowest pace in around seven years, when the global financial crisis hit. "With expected global GDP growth of 2.2 percent in 2016, this year would mark the slowest pace of trade and output growth since the financial crisis of 2009," the trade body said in a statement. Looking ahead, the WTO said several issues, including Brexit's possible impact, had now cast a shadow and it had revised down its 2017 forecast. Trade is now expected to grow between 1.8-3.1 percent, down from the previously anticipated 3.6 percent, said the WTO, which sets the rules of global commerce. Also clouding the outlook, the WTO said, is "the possibility that growing anti-trade...

By Dorothy Nakaweesi To improve regional markets which have become bigger consumers of Uganda's exports, government has hatched a plan to construct border export zones. The border export zones will act as one-stop-markets where traders from neighbouring countries will pick the goods without going through a lot of bureaucracy. The Common Market for Eastern and Southern Africa (Comesa) and Uganda Export Promotions Board will oversee the construction of the border export zones. The Comesa support will be channeled through the Regional Integration Support Mechanism (RISM) - a European Union Development Fund that supports member states to implement regional integration programmes. Speaking at the ministry of Trade offices in Kampala during the opening of the steering committee meeting recently, Comesa Secretary General Sindiso Ngwenya, said: "Border export zones will result in reduced cost of doing business." Mr Ngwenya added: "This project has very high potential to generate increased revenue for the country and the region." However, he said there is need for the project to find other means of sustaining itself when the RISM funding ends in December this year. Comesa has so far approved €3.9 million (Shs14.5 billion) for Uganda. In his submission, Mr Elly Twineyo, Uepb executive director, said: "At least 60 per cent of Uganda's exports go to the regional markets Comesa inclusive. Most of the people who trade are small and medium enterprises (SMEs), a fact we cannot afford to ignore." He said once the border export zones are implemented, they will serve as a one-stop shop...

Managers of the Ghana International Bank have disclosed that the bank will soon commence operations in East African countries such as Rwanda, Tanzania, and  Zambia to help improve Ghana’s trade finance. According to the managers, the bank currently holds an asset of 400 million British pounds on the African continent. Speaking to Citi Business News at the sidelines of an International Trade Finance Programme, the Executive Director of the bank, Mark Arthur stated that the primary aim of the bank is to deepen financial relationship with other countries to help improve Ghana’s trade budget. “In Eastern Africa we are focusing on Kenya and certain African neighbors like Rwanda, Tanzania, Zambia and so on. This is relatively new markets that we are entering,” he said. He stated that the bank is still developing and deepening relationships with other African countries to promote trade. He pointed that, in Nigeria the bank decided to operate in the secondary market to maximize its output. Touching on the four-day programme organized by the bank, Mr. Arthur stated that about 40 bankers and senior business executives will attend this year’s programme, which is the sixth. “We are excited about the next four days, we will cover the full range of trade finance products, recent issues in international trade finance, risk assessment, money laundering and fraud as well as practical problem solving,” he said. Presenting his opening remarks, an Advisor to the Governor of the central bank Mr. Franklin Belnye said “banks play a key role in...

L-R: Arena and Ward are opposed to the EPA trade deal, saying it favours European markets against EAC industrial development. / Nadege Imbabazi. In recent weeks, a common topic in discussion of East African Community’s future has been a trade deal between the bloc and the European Union. The Economic Partnership Agreement (EPA), which has been under negotiation since 2007, seeks to create a deal giving EAC products a duty- and quota-free access to the EU market. However, there has been some hesitance among several East African countries, who fear that the trade deal could adversely affect the bloc’s goals of industrialisation. The New Times’ Collins Mwai caught up with two European Union Members of Parliament, Marie Arena and Julie Ward, who are opposed to the trade deal, saying, in its current form, it is not good for East African countries and their emerging industries. Excerpts;- East African Heads of States recently asked for an additional three months to consider the EU-EAC trade deal before agreeing on a unanimous decision on the way forward. What is your take on the Economic Partnership Agreement? We think this kind of agreement is unfair for the region. Europe has pushed a hard negotiation and Europe has taken Kenya as a leader as they are the only ones with key interests in the agreement. Kenya is not a least developed country to be able to access the European Market, which is not the case for Tanzania, Uganda and Burundi, who have access to the...

Deputy President William Ruto on Tuesday asked the US to stop issuing travel advisories against parts of Kenya and other East African countries. The DP said the travel advisories have hurt tourism yet terror attacks in Kenya are similar to those Europe and America have suffered. Ruto said strife in neighbouring countries should not give the US reason to give a blanket ban. However, there is no ban, only an advisory over parts of Lamu and areas bordering Somalia. The Deputy President spoke in New York during the East African Heads of State and CEOs roundtable. He urged the US to swiftly introduce direct flights to the region. “You have more legitimate reason to invest in East Africa. We have the requisite infrastructure. What we need are direct flights to make it easy for investors to get there,” Ruto said. The DP joined several East African leaders at the meeting, including Presidents Yoweri Museveni of Uganda and Rwanda’s Paul Kagame and Ethiopian PM Hailemariam Desalegn. The leaders asked American companies to invest in the region, saying East Africa has a comprehensive set of bankable infrastructure projects. “East Africa is the place to invest. It is the place to be. Security is good. But you should stop this travel advisory issues,” Museveni said.s Kagame said the region has plenty of areas for investment, some untapped, for the private sector. He said leaders have facilitate movement of people through a single-entry visa. Desalegn said the region is developing infrastructure that links the...

The East African Community wants to remove all non-tariff trade barriers in an effort to cut down on transportation time and reduce the cost of moving products and services between the six member countries — Uganda, Kenya, Tanzania, Rwanda, Burundi and South Sudan. Non-tariff barriers include road blocks along highways meant to check issues unrelated to paying taxes or custom duties. These include checking the weight of goods on trucks and trailers, identifying the type of goods being transported, and checking for identification of traders. They also include traffic police checking the condition of vehicles. On Jan. 14, 2016, the East African Community members agreed to refrain from introducing new non-tariff barriers, and also on start reducing existing road blocks and weighbridges, among others. All the countries have so far co-operated, but now they want all barriers removed. The 20 barriers between Mombasa and Kampala have been reduced to about nine. There are 14 barriers remaining between Mombasa and Kigali, Rwanda. From Dar-es-Salaam to Burundi there are more than 10 barriers. A process meant to eliminate all non-tariff barriers has kicked off with blessings from all member countries, said Silver Ojakol, Uganda’s Commissioner for External Trade, at a Sept. 2 press conference following the East Africa Business Council meeting in Kampala. A joint technical committee has been set up to help identify and eliminate non-tariff barriers. Ojakol did not provide a deadline. Removing non-tariff barriers is meant to reduce the time taken to transport goods from coastal ports to members states, according to trade ministry officials from the member countries. Apart from Kenya and Tanzania, the rest of the East...

DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "African Infrastructure Tracker - Tanzania" report to their offering. Tanzania is one of the most rapidly growing economies in Sub-Saharan Africa, mainly driven by agriculture, banking, industry, construction, services, energy, mining, and Information and Communication Technology (ICT) sectors. It is an active member of the East African Community (EAC), the Southern African Development Community (SADC), and the Open Government Partnership (OGP). Significant efforts are underway to upgrade and develop new infrastructure in Tanzania to enhance its trade activities and facilitate better access to high-quality living standards. The Government of Tanzania has introduced an enhanced private participation to facilitate rapid developments in the roads, rail, ports, airports, ICT, and social infrastructure of the country in the next 5 years. Source: Business Wire