Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Kenya and Russia to sign trade pact, President Ruto says

Published 05/29/2023, 10:28 AM
Updated 05/29/2023, 10:31 AM
© Reuters. Speaker of the National Assembly of Kenya Moses Wetangula shakes hands with Russian Foreign Minister Sergei Lavrov during a meeting in Nairobi, Kenya May 29, 2023. Russian Foreign Ministry/Handout via REUTERS

NAIROBI (Reuters) - Kenya will sign a trade pact with Russia aimed at boosting cooperation between businesses, President William Ruto's office said on Monday, after hosting Russian Foreign Minister Sergei Lavrov in Nairobi.

Russia has stepped up its drive to boost economic ties with Africa to help offset a big chill in relations with the West prompted by its invasion of Ukraine, and plans to hold an Africa-Russia summit in St Petersburg in July.

Kenya's presidency said in a statement that bilateral trade with Russia was still low despite the potential and the pact would give business the "necessary impetus".

It did not say when the pact might be sealed or give details on what it might encompass. Russia currently sells mostly grain and fertilisers to Kenya.

On Ukraine, the statement reiterated Kenya's support for respecting the territorial integrity of all countries, adding:

"Kenya calls for a resolution of the conflict in a manner respectful to the two parties."

Russia says its invasion of Ukraine, launched on Feb. 24, 2022, is aimed at protecting its own security against Ukraine's pro-Western leadership.

Kyiv and its Western allies accuse Moscow of waging an unprovoked war of aggression. Western nations have slapped sweeping economic sanctions on Russia, prompting it to forge closer ties with China, India, African nations and others.

Lavrov has visited the African continent at least three times this year, while Ukraine's foreign minister Dmytro Kuleba travelled to countries including Ethiopia, Rwanda and Mozambique last week.

Kenya's presidency said Lavrov was on his way to Cape Town for a June 1 meeting of foreign ministers of the BRICS group of emerging economies, which comprises Brazil, Russia, India, China and South Africa.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

stocks to be flat pancake, bonds to rocket?
wonder how big that bribe was - lol, russia doesn't honour the agreements they have - russia global spin - 10 million per photo op, 20 if you want steven segal to photo bomb the shot
Imagine being proud of this
I wonder if Joe knows this?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.