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Cairo, Nairobi to boost bilateral trade to $1 bln over 2 years

Egypt’s President Abdel Fattah al-Sisi agreed with his Kenyan counterpart Uhuru Kenyatta on Saturday to bolster trade between the two countries to $1 billion over two years through a number of joint ventures in various fields.

The volume of bilateral trade between Egypt and Kenya in 2016 was around $451 million.

The Kenyan newspaper Daily Nation reported that the two countries agreed to remove double taxation on imports, which means that goods from either country will only be subjected to import duty.

Sisi left Cairo on Saturday to Nairobi on an official state visit to Kenya for one day.

Sisi and Kenyatta agreed to hold the meetings of the seventh session of the joint committee, chaired by the foreign ministers during 2017, with good preparation for the development of relations between the two countries in various fields.

They also stressed the importance of activating the agreements already signed between the two sides, and the preparation of new agreements, particularly in the field of prevention of double taxation and protection of investment, in order to provide the necessary climate for increased cooperation in the fields of economy and investments.

Source: Egypt Independent

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