Kenya, UK, to Digitize Trade After Signing the EPA Agreement
The UK has been seeking new economic partners after Brexit, and Africa is one of the focused regions. Come check out our article to see the potential that the UK can find in this promising region.
Since the start of 2021 and BREXIT, the United Kingdom has stepped up calls on Africa with the UK-Africa Investment Conference held on January 20, a virtual event organized by the British Department for International Trade. Dedicated to investment on the continent, it brought together African and British business leaders, researchers, and politicians around a central theme: the construction of the economic partnership between the post-Brexit UK and Africa.
Duty-Free Benefit for African Enterprises
During this conference, the UK clarified its need to forge new trade relations and its intention to build strong economic cooperation with African countries. In line with those ambitions, the UK has signed a series of trade deals with Kenya, including the Economic Partnership Agreement, which entered into force in March 2021. The agreement, signed in London by International Trade Minister Ranil Jayawardena and Cabinet Secretary for Trade Betty Maina in December 2020, will ensure that all companies operating in Kenya can continue to benefit from duty-free access to the UK market, officials said.
"It will cut costs for Kenyan firms producing goods like vegetables and cut flowers for export to the UK, reducing prices for UK consumers, importers, and retailers. UK exporters will also be able to benefit from better access to one of Africa’s fastest-growing markets," the two organizations said in a joint press statement.
In order to provide a conducive framework for the optimal implementation of this new agreement, the two countries have set up The UK-Kenya Trade Logistics Information Pipeline (TLIP). This move aims to develop and implement an electronic exchange of trade information across borders. By using bilateral agreements on information sharing, TLIP plans to create a transparent, efficient, and cost-effective way of managing trade information across borders. The system uses blockchain technology to link all those in the supply chain, thus enabling fast logistics clearance and easier trading. Moreover, TLIP aims to expand across West Africa through an agreement with several other countries in the region.
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