Ruto tells South Korea parliament to pass legistlation that will ease trade with Kenya
President William Ruto has urged the South Korean Parliament to pass legislation that will ease trade between Kenya and South Korea.
The President who is on a three-day state visit to the Asian country said Kenya wants to increase tea, avocado, and coffee exports to South Korea to match technology imports made by Kenya.
He observed that the current tariffs on Kenyan products impede trade and asked Parliament to reduce them.
“The imbalance of trade favours Korea and Parliament can be instrumental in addressing this situation,” he said.
Ruto made the remarks at the Parliament building in Seoul, South Korea when he held talks with speaker Kim Jin Pyo.
President Ruto said Kenya will work closely with the Korean government to enhance clean energy to mitigate the effects of climate change.
Speaker Kim Jin Pyo pledged to support Kenya’s quest to increase agricultural exports to South Korea and secure job opportunities for Kenyans.
He said, “On employment opportunities, I will hold discussions with the Ministry of Labour and see how this can be enhanced for Kenyans.”
Last year, Kenya began talks with South Korea to remove or reduce the trade tariffs that have disadvantaged Kenya.
Former Trade, Industrialization, and Enterprise Development CS Betty Maina said the duty disadvantages Kenya’s exports, which compete with Least Developed Countries (LDCS) that enjoy duty-free access.
According to the Trade Ministry, the value of trade increased from KES 8.47 billion in 2008 to KES 22.82 billion in 2020, a 169.42 per cent growth in 13 years.
The balance of trade has favoured South Korea standing at about KES 18.1 billion in 2020.
Kenya’s exports to South Korea were USD 35.71 million in 2021, according to the United Nations COMTRADE database on international trade.
Kenya imports mainly iron and steel, plastic, organic chemical, man-made staple fibres, machinery, nuclear reactors, boilers, and electrical and electronic equipment from South Korea.
Apart from coffee and tea, Kenya also exports copper, cut flowers, aluminium, furniture, wood, precious stones, metals, coins, and articles of apparel.
Previous Agreements
In 2016, Kenya and South Korea signed seven trade agreements aimed at the improvement of the health, education, energy, ICT, and industrialisation sectors.
The agreements were signed during retired South Korean President Park Geun-Hye’s visit to Nairobi.
One of the deals will see the Korea Export-Import Bank pump an initial KES 5 billion to support the agricultural sector toward food security.
Other agreements signed in Nairobi include ones on scientific and technology collaboration, e-government, industry, trade and investment, health, innovation, and nuclear energy development.
Park also signed an agreement with former Education Cabinet Secretary, Fred Matiang’I, to create a South Korean university worth $10 million.
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