Sri Lanka in talks with Kenya on trade deals

COLOMBO, Nov 17, 2014 (EconomyNext) – Sri Lanka aims to sign a bilateral trade deal with Kenya and increase trade with the ninth largest economy in Africa, the Ministry of Industry and Commerce said.

A nine-member Kenyan trade delegation was in Colombo for the Joint Economic Cooperation (JEC) session with officials from Sri Lanka.

"We are looking forward to more trade interaction, and also a delegation to Nairobi from Sri Lanka next year," said Nelson Ndirangu Ogn, Director, Economic Affairs and International Trade of Kenyan Ministry of Foreign Affairs, who led the team.

He was quoted as saying in a statement that the two countries will conclude current discussions on three agreements and sign them.

These are the Bilateral Trade Agreement, agreement on Avoidance of Double Taxation, and agreement on Promotion and Protection of Bilateral Investments.

In 2013, trade between both countries stood at 13.94 million US dollar. Among Sri Lanka’s exports to Kenya were natural rubber, tyres, sacks and bags, staple fiber, tea, rice, coconut coir, and activated carbon. Trade in January-June 2014 totalled almost six US million dollars.

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