Kenya and South Korea to sign Free Trade Agreement

Kenya and South Korea are to sign a free trade agreement, following successful talks between South Korean Trade minister Dukgeun Ahn and his Kenyan counterpart Moses Kuria. Even as the negotiations progress, the two ministers have already agreed to conclude a Trade and Investment Promotion Framework that will be signed by January 31 next year. The deal will address the challenges that hinder smooth flow of trade especially on Kenyan products such as coffee, tea, avocados and avocado products, cut flowers, nuts and fresh vegetables.

The Trade and Investment Promotion Framework is expected to address the trade imbalance that favours South Korea whose exports’ worth to Kenya stands at US$500 million (Ksh60 billion) compared to Kenya’s exports to South Korea at $25 million (Ksh3 billion).