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Saturday, 24 August 2013

EU urges east African nations to offer fair trade terms

On 17 August, during a Kenya-Belgium business forum in Nairobi (Kenya), Belgium Deputy Prime Minster Didier Reynders told journalists that the East African Community (EAC) should offer the European Union the same trade terms as it is offering other emerging nations, such as Brazil, India and China.
He said that it is useful for all countries to protect their local markets but it should be done in accordance with World Trade Organization rules.

Reynders, who is also the Minister of Foreign Affairs in Belgium, said that negotiations for the Economic Partnership Agreement (EPAs) between the EU and the EAC are almost complete."We are therefore optimistic that both parties will beat the 2014 deadline, so that trade is not disrupted," he said.

Belgium is the sixth largest EU exporter to Kenya. In 2012, total bilateral trade reached 160 million euros. According to the envoy, Belgium exported goods worth 100 million Euros while it imported goods worth 60 million euros from the east African nation.
Kenya's traded in agricultural products such as beans flowers while Belgium goods constituted of chemicals and machinery, Reynders said. On the other hand, Belgium's development assistance is concentrated in education, healthcare and agricultural sectors

Source: Global Times (http://www.globaltimes.cn)