The Kenyan Ministry of Investment, Trade and Industry, together with the leaders in AfCFTA, is working toward improving intra-African trade that would lower trading costs and uplift businesses across the continent. The shared aim is to have a more integrated and seamless trade network across Africa.

Advances in AfCFTA Implementation

The AfCFTA Secretary General, Wamkele Mene, who visited the country, said the Cabinet Secretary for Investments, Trade, and Industry Salim Mvurya lauded the AfCFTA Secretariat for its efforts towards finalizing the key protocols of the Agreement. Mvurya underscored that laying the foundational steps was important, which would allow implementation.

"We are satisfied with the progress put up by the Secretariat. All key protocols have been agreed upon, and now it is left to the implementation aspect," said Mvurya. He added that already 48 African countries have submitted their tariff offers, a factor that demonstrates regional commitment towards achieving AfCFTA's vision for free trade across Africa.

Kenya's Role in Strong Trade Efficiency

Meanwhile, CS Mvurya said Kenya has written to the AfCFTA Council to allow the Kenya Bureau of Standards to adopt a certification process. The procedure would serve to simplify the transit process for goods across Africa, with delays reduced to a minimum, increasing trade efficiency.

He said KEBS would thereafter make a formal application for accreditation through the AfCFTA Secretariat and, upon certification, Kenya's certification will be recognized across the continent and further facilitate smoother operations of trade.

Supporting SMEs Through Financial Initiatives

Of course, the other highly enriching development in this sphere is that AfCFTA works on reducing the high costs that arise with cross-border trade through its collaboration with the United Bank for Africa. There is a fund of approximately USD 7 billion that is set to be launched; it will be aimed at empowering SMEs across Africa.

Mvurya said that Kenya wants the fund launched in the country, based on the argument of a ready market Kenya presents for such an initiative. "We are lobbying for the fund to be launched here in Kenya once the talks are finalized, as we have a ready market," he said.

Conquering Issues of Cross-Border Trade

He called on the AfCFTA Council to address the challenges facing ease of doing business on the continent during the discussions. Mvurya noted that there were promising discussions toward the implementation of the PAPSS, which will address the bottlenecks associated with cross-border payments.

So far, over 115 commercial banks and 15 central banks have signed onto the system, designed to facilitate trade in local currencies. If it sees widespread take-up, the system-one day-will eliminate the need for third-party currencies, making any trade across the region faster and cheaper.

AfCFTA's Vision for Africa's Future

Secretary General Wamkele Mene expressed AfCFTA's commitment to having Kenya, and by extension the rest of African countries, benefit fully from the Agreement. Mene said that Kenya has continued to take the lead in the certification process, maintaining its pioneer position in the implementation of AfCFTA protocols.

He said that, in February 2024, the African Union adopted every major protocol touching on women and youth in trade, digital trade, and so on. These are the things that are needed to make growth inclusive, to modernize trade across the continent.

With the Pan-African Payment and Settlement System in place, Mene called for more and more commercial banks across Africa to become members of PAPSS. He cited how under this system, trade-related costs will be considerably cut down through making and settling payments in their local currencies and reducing reliance on foreign currencies, which often help inflate the costs of transactions.

Conclusion

This is, indeed, a sign that the partnership between Kenya and AfCFTA will go an extra mile in growing intra-African trade. A future of trade on the continent, indeed bright, is what such developments like the certification of goods, financial empowerment for SMEs, and adoption of the Pan African Payment System mean. The Kenya spirit: championing most of AfCFTA's lofty goals-an interconnected, prosperous Africa is drawing ever closer, day by day.