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Asharq Al-Awsat
26-05-2025
- Business
- Asharq Al-Awsat
China Says Moody's Reaffirming Ratings Reflects Its ‘Positive Prospects'
Moody's decision to keep China's ratings and outlook unchanged is a "positive reflection of the positive prospects of China's economy," China's finance ministry said on Monday. The country's incremental and existing policies will jointly provide firm support for economic development, the ministry said in a statement. Moody's on Monday maintained its A1 ratings and negative outlook on China, but said trade tensions between the country and its major trading partners could have a long-lasting negative effect on its credit profile.
Zawya
16-05-2025
- Business
- Zawya
Kenya looks to EU for more exports amid Trump tariffs
In the face of the Trump tariffs, Kenya says it is looking to the European Union to absorb more exports under their Economic Partnership Agreement (Epa). US President Donald Trump in March announced a 10 percent tariff on goods from most African countries, prompting them to seek markets elsewhere. Speaking at the second EU-Kenya Business Forum in Nairobi this week, the Cabinet Secretary for Investment, Trade and Industry, Lee Kinyanjui, said that Kenya is seeking to expand its exports to the EU's 27 member states by leveraging its horticultural and textile sectors, both of which have been affected by the Trump tariffs. Read: Pain of Trump's tariffs on African economiesHe added that Kenya's exports have increased under the Epa.'We see good progress and, in a moment of a time of turbulence such as now, it pays to have good, stable trading partners such as the EU,' the minister said.'We want to diversify our products, whether it's textiles or any other commodity. And this is one bloc - the EU - but there are many others that we are trying to build. The point is to expand our markets so that, when there is turbulence on one side, we can balance with the other.'The CS conceded that Kenya's exports to the US have been affected by tariffs, 'but now we don't want to over-rely on one particular market.''What we want is a diversified market. Send your 20 or 30 percent to the US and another 30 or 40 percent to another place, and that is how the world works,' he said. Kenya and the EU signed an Epa December 18, 2023 and Kenya ratified it on April 24, 2024, before it entered into force on July 1, 2024. This deal has met opposition from a section of the East African Community, due to concerns about its potential impact on regional trade and the African Continental Free Trade Area (AfCFTA). Latest trade figures shared by both the EU and Kenya's Ministry of Trade indicate trade between the EU and Kenya reached €3.4 billion ($3.8 billion) in 2023, with an increase of 13 percent in the past year and of 53 percent in the past 10 years in favour of the EU. In 2023, Kenya exported to the EU goods valued at $1.07 billion against imports of $1.6 billion. Filippo Amato, Trade Counsellor at the EU Delegation to Kenya, also noted the increase in the volume of trade between EU and Kenya from 2023 to 2024 - 13 percent but also acknowledged that 'the balance of trade is still in favour of the EU, but that gap is not huge.'The Southern and Eastern Africa Trade Information and Negotiations Institute (Seatini), an African think tank, has consistently expressed concerns that the Kenya-EU Epa could disrupt EAC regional integration. Read: Kenya trade pact with EU, UK hit headwinds over tariffs on alcohol'We appreciate the position of Kenya, given that failure to conclude the Epa would have locked the country out of the EU market. However, it should be noted that Kenya mainly exports vegetables, fruits and flowers to the EU to the tune of $1.3 billion, while importing mineral and chemical products such as cement, palm oil, coated, flat, rolled iron, soap, machinery,' said Jane Nalunga, Seatini executive director.'Kenya should prioritise the EAC regional integration because the EAC trade provides prospects for industrial development and structural development.'The chairman of the Kenya Private Sector Alliance, Dr Jas Bedi, while supporting the new drive by Kenya, said: 'Trade thrives on predictability, a quality currently lacking in the broader, increasingly polarised global trade environment. The EU gives us this kind of stability.''Even though the Agoa is not yet over, there is a need to diversify our markets, and the EU and other regions offer Kenya a chance to seek alternatives,' Dr Bedi noted. During the meeting meant to launch of the European Chamber of Commerce in Kenya (EuroCham Kenya), the ministers focused on addressing bilateral trade issues and agreed to initiate negotiations on the protocol on rules of origin."The EU-Kenya Epa is a landmark achievement,' said Maroš Šefčovič, EU Commissioner for Trade. 'It is the most ambitious deal that the EU has ever concluded with a sub-Saharan partner. It reflects the shared commitment to strengthen and diversify our economies, create good jobs and foster sustainable growth." © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
