Kenya, Egypt agree to remove double taxation on imports
09:28, 19/02/2017, Sunday
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Egyptian President Abdel Fattah el-Sisi is being welcomed by Kenyan President Uhuru Kenyatta with an official ceremony at Government Palace in Nairobi, Kenya on February 18, 2017.
The agreement made in a move to boost trade and investment between the two countries
Kenya and Egypt on Saturday agreed to remove double taxation on imports to boost trade and investment.
The move came during Egyptian President Abdel Fatah El-Sisi's visit seeking to boost bilateral relations with Kenya.
The two countries "agreed to fast-track the conclusion of bilateral agreements on avoidance of double taxation, and on reciprocal promotion and protection of investments," Kenya's President Uhuru Kenyatta told reporters at a press briefing with Sisi in Statehouse in the Kenyan capital, Nairobi.
The Egyptian president, for his part, said that the two countries decided to improve trade ties and vowed Egypt will support Kenya in its fight against terror.
"We have agreed on increasing the trade exchange between the two countries through the joint cooperation in various fields," Sisi said.
According to Statehouse in Nairobi, the total volume of trade between Kenya and Egypt stood at approximately $450 million in 2015. Tea from Kenya contributes to roughly 96% of the total exports to Egypt.
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