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- The Ugandan Ministry of Finance Permanent Secretary and Secretary to the Treasury, Mr Ramathan Ggoobi has disclosed that he and his Kenyan counterpart Dr Chris Kiptoo, Principal Secretary, National Treasury have agreed to focus on joint investments.
The Ugandan Ministry of Finance Permanent Secretary and Secretary to the Treasury, Mr Ramathan Ggoobi has disclosed that he and his Kenyan counterpart Dr Chris Kiptoo, Principal Secretary, National Treasury have agreed to focus on joint investments. The announcement indicates efforts to relax trade tensions between Uganda and Kenyan authorities.
Mr Ggoobi also indicated that Uganda and Kenya, have also agreed to eliminate non-tariff barriers, especially on Ugandan exports. Several Ugandan products, such as sugar, milk, poultry and beef products, sugarcane and maize have faced blockades, from Kenya.
President William Ruto had also indicated that non-tariff barriers that had been instituted under former president Uhuru Kenyatta will be eliminated.
Uganda is one of Kenya’s leading export markets, earning the country in the excess of $1b annually. According to reports while Kenya benefitted from Uganda’s open trade policies, blockades against Ugandan products had led to trade tensions. The trade imbalance worsened due to protectionist policies in the last four years.
Also read;
https://trendsnafrica.com/kenya-uganda-standoff-on-trade-issues-some-respite-achieved/
https://trendsnafrica.com/kenyan-fact-finding-mission-to-visit-uganda-to-thrash-out-trade-issues/
Last week Kenya indicated that its maize production is expected to drop in the coming nine months, creating a possible supply gap to be plugged by cross-border imports. This is an opportunity for Ugandan grain exporters, who, despite previous blockades, have been one of the biggest suppliers of maize to Kenya. According to the Uganda Export Promotion Board, Kenya remains Uganda’s largest maize market accounting for almost 75 percent of exports to the country. Earlier, Kenya had blocked Uganda’s maize from entering its market, forcing exporters to turn to alternative markets in South Sudan, DR Congo and northern Tanzania. The droughts in Eastern Africa had hit the maize production in the region, kicking up the prices.
