New Delhi, April 27 (IANS). A major step has been taken towards further strengthening trade relations between India and Kenya. An important Memorandum of Understanding (MoU) on exchange of pre-arrival information was signed between the two countries during the 10th India-Kenya Joint Trade Committee meeting held in Nairobi on Monday. This agreement was signed between India’s Central Board of Indirect Taxes and Customs (CBIC) and Kenya Revenue Authority (KRA).
India Kenya (the official Twitter account of the Indian High Commission in Nairobi) shared a post on social media platform
“This agreement will boost customs cooperation, expedite clearance processes, improve risk management and facilitate bilateral trade between India and Kenya,” the post further said.
The agreement was signed by CBIC Member Yogendra Garg and KRA Commissioner General Dr. Lilian Nyawanda. During this, India’s Commerce Secretary Rajesh Aggarwal and Kenya’s Trade Principal Secretary Regina Akoth Ombam were also present. Through this MoU, cooperation in customs processes will increase, faster clearance of goods, better risk management and will help in facilitating trade between the two countries.
India’s Commerce Secretary Rajesh Aggarwal and Kenya’s Principal Secretary Regina Akoth Oumbam co-chaired the meeting. During this, both the countries discussed in detail important issues like increasing trade, making market access easier, reducing tariff and non-tariff barriers.
India and Kenya emphasized on increasing cooperation in sectors like pharmaceuticals, agriculture, digital public infrastructure, fintech, energy (especially renewable energy) and manufacturing. Apart from this, it was also agreed to take forward partnership in logistics, infrastructure planning and capacity building.
Both countries reiterated their commitment to pursue a balanced, diverse and future-focused economic partnership. It was also agreed to strengthen institutional mechanisms to ease trade, resolve outstanding issues and promote business-to-business cooperation.
This agreement is being considered as a step to give a new direction to the trade relations between India and Kenya as well as to strengthen economic cooperation at the global level.
–IANS
DBP