Kenya and Guinea-Bissau, on 6th April 2024, revamped trade ties to boost economic growth and development between the two countries. According to President William Ruto, the current trade volume between Kenya and Guinea-Bissau is low as it decreased at an annualized rate of 4.8%. The head of states under the guidelines of the African Continental Free Trade Area Agreement (AfCFTA) aims for regional integration, increased value chains and the free movement of people in these nations.
In an effort to boost development and spur economic growth, Kenya and Guinea-Bissau on 6th April 2024 implemented far-reaching policies that will enhance trade between the two countries.President William Ruto reaffirmed his commitment under the African Continental Free Trade Area Agreement (AfCFTA) to enhanced collaboration between the private sectors of both nations which will significantly boost trade volumes. He also pledged to initiate direct flights between the two countries to strengthen people-to-people cooperation
“The people to people relations will be enhanced if we can facilitate movement of people, goods, or services across borders. As I have informed you, we have removed all visa requirements for travelers, citizens including those of Guinea-bissau”.
William Ruto, Head of State – Kenya
During the last 18 years the exports of Guinea-Bissau to Kenya have decreased at an annualized rate of 4.8%, from 7.32 kenya shillings in 2003 to 3.02 kenya shillings in 2021. In 2022, Kenya did not export any services to Guinea-Bissau and vice-versa according to official figures. President Ruto and Umaro Sissoco are keen to implement the Memorandum of Understanding that established a Joint Commission for Cooperation (JCC) signed in 2022.
“There’s a scope for Kenya and Guinea Bissau to explore greater possibilities trade, investment and of business between our two nations, Kenya in the east coast and guinea Bissau in the West Coast. Our chambers of commerce and your business community will surely be exploring opportunities to sign an MOU so that our business people can begin to explore opportunities of investment both in Kenya and opportunity. We have the opportunity to explore tea, coffee and many other agricultural products into this region”.
William Ruto, Head of State – Kenya
Within the framework of Agenda 2063 of the African Union, trade is recognised as a powerful engine in enhancing structural transformation and the development of regional value chains, boosting employment opportunities and increasing food security in Africa. The AU and its member states therefore aim to deepen Africa’s market integration and significantly increase the volume of trade that African countries undertake amongst themselves from the current levels of about 10-13% to 25% within the next decade.
