Kenya and Venezuela sign bilateral trade agreement
The Standard, Kenya
Kenya and Venezuela sign bilateral trade agreement
By Allan Kisia and Josephine Kogo
8 February 2006
Kenya has signed an agreement with the Venezuela government to enhance bilateral co-operation between the two countries.
The bilateral agreement would also include technical assistance in oil exploration. The deal could also allow Kenya buy crude oil at lower prices from the South American country, the world’s fifth largest oil exporter.
Foreign Affairs minister, Rafael Tuju and Venezuela’s Deputy minister for Foreign Affairs for Africa, Reinaldo Bolivar, signed the agreement in Nairobi yesterday.
Tuju said trade between the two countries was minimal, but expects the volume to improve following the signing.
"We want the relationship between the two countries to be more aggressive," he said.
He added that other possible areas of collaboration would include scientific, agriculture, education, tourism and cultural co-operation.
Tuju said Kenya would open an embassy in Venezuela soon to strengthen co-operation with the South American country.
Reinaldo said Kenya is likely to benefit from such agreement in the same manner as India.
He said the trade pact with Asian country saw India take up a 49 per cent stake in a Venezuelan oil field.
Under the agreement, Indian state-controlled energy giant, Oil and Natural Gas Corp (ONGC), entered into the deal to meet the country’s ever-expanding fuel needs.
