Following the 10 percent tariff imposed on Kenyan exports to the U.S., President William Ruto has called on African countries to actively promote the African Continental Free Trade Area (AfCFTA) as a means to strengthen and position local industries within the regional and global economy.
He made this suggestion while addressing the inaugural World Chamber Forum Africa Summit organised by the Kenya National Chamber of Commerce and Industry (KNCCI) in Nairobi, citing that amid the escalating geopolitical situation, there is still an opportunity for the continent to work on a mechanism to leverage their networks in global trade.
Ruto noted the continent’s youthful population, mineral resources, and clean energy, saying it is important that trade and investment partnerships are crafted with this in mind.
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According to Ruto, “Even as other mechanisms are being rolled out by others to do what they think works best for them, we also must think about what works best for us,” said the President. “And we can then have a conversation of equals.”
He emphasized that this potential can be more effectively unlocked through strategic investments in education. This, he explained, is the reason Kenya allocates Sh5 billion annually to the education sector, stating that “The era when Africa was merely a source of raw materials is coming to an end.”
“Africa will now seek partners who collaborate with us to unlock opportunities for value addition, local job creation, and wealth generation. This is the future we envision for our continent,” he added.
