Kenya, South Korea settle on free trade agreement - News Summed Up

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Kenya, South Korea settle on free trade agreement


The government of Kenya and South Korea have made a deal on free trade agreement between the two. The deal was made during bilateral talks between South Korean Trade minister Dukgeun Ahn and his Kenyan counterpart Moses Kuria. The two further agreed to conclude a Trade and Investment Promotion Framework scheduled to be signed next year in January. Trade and Investment Promotion FrameworkThe framework will also address trade imbalance that hugely favours South Korea whose exports’ worth to Kenya stands at $500 million (Ksh60 billion) compared to Kenya’s exports to Korea at $25 million (Ksh3 billion). Earlier Kenya’s President announced that the country will partner with South Korea to develop manufacturing plants in the Konza Technopolis, an export promotion zone dedicated expected to also drive Kenya’s trade and investments.


Source: Standard Digital November 26, 2022 21:17 UTC



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