Rwanda and the United States of America are negotiating a trade and investment framework agreement (Tifa), Claire Akamanzi, deputy director general Rwanda Investment and Export Promotions Agency says.
Tifa is a consultative mechanism aimed at discussing issues affecting trade and investment with countries.
Akamanzi says the negotiations are timely. “Tifa is crucial for our country because it yields direct benefits by addressing specific trade problems,” she said during the East African Community Common Market Protocol discussions at Serena Hotel Kigali.
“This will be good for the country and America as well because we will all have preferential treatments in trade and investment,” the Reipa Deputy Director General added.
She noted that Rwanda has a lot of investment opportunities that have not been exploited, therefore the agreement will attract and bring more investors not only from America but also from other places around the world.
John Bosco Kanyangonga, Director of institutional relations and policy advocacy in the private sector said the deal will protect both parties.
“During the last meeting in October held in Washington DC there were some issues that needed consultations before signing. So the deal wasn’t reached pending consultations to meet national interests,” he said.
Akamanzi said the investment ambitions of Rwanda are well under control and therefore, after the signing, more trade and investment related deals will come up.
Economies opening up to international trade and investment, either because they were traditionally isolated or had closed economies usually benefit from Tifa. And in recent years, the United States has concluded many Tifas, including with the Asian countries and West African Economic and Monetary Union, Common Market for Eastern and Southern Africa.