By Obar Mark

There is a broad consensus among experts in the economic literature that Brexit will most likely reduce the United Kingdom's real per-capita income levels. In the wake of new sweeping changes in Europe's economy, Brexit critics fear invocation of new tariffs, essentially, those that are effectively implementable on imported items from Britain.

It therefore means that Britain is staring at a stiff competition coupled with a liberal dose of new economic hurdles as a result of a divorce that is promising to be noisy, messy and full of economic casualties.  

Conversely, Britain as well as other free market nations are jostling for a string of relations that will define new world economic order. While Britain remains as one of Africa's major trade partners, the USD 3 trillion Gross Domestic Product-nation has also been accused of being a member of world's protectionist club or racket, and Prime Minister Theresa May is working hard to change that very notion.

Over 30 years after her predecessor Margaret Thatcher toured Kenya, British Prime Minister Theresa May arrived in Nairobi for a state visit. Mrs. May on Thursday landed at Jomo Kenyatta International Airport aboard a chartered Royal Air Force Voyager after conducting similar tour in South Africa and Nigeria.

Milling around her were UK's top business moguls who were ready to strike new deals with Kenyan government as well as business community. On arrival Mrs. May said that, "I am proud to be leading this ambitious trip to Africa and to become the first UK Prime Minister in over 30 years to visit Kenya."  

May who inspected a guard of honour before proceeding for a meeting with President Uhuru Kenyatta at State House, was also received with a 19-gun-salute as she is head of government. Normally, 21-gun-salute is a preserve for head of a state.

The two leaders held a press conference where they answered questions from Journalists who sort to know more about major stakes from their two-hour-meeting.   

Kenyans were particularly interested in knowing how Prime Minister May's visit was going to change trade relations as well as the dynamics of the country's economy. "So as Britain prepares to leave the European Union we are committed to a smooth transition that ensures continuity in our trading relationship with Kenya, ensuring Kenya retains its duty-free, quota-free access to the UK market. And to building on our strong trade and investment ties to create even more opportunities for our businesses and for our consumers," read Mrs. May.

Previous trade agreements with Britain have enabled Kenyans to export some goods to the Kingdom without facing the harsh reality of taxation.

According to Kenya Revenue Authority, "goods for use by the British Council, which are or will be a charge against the funds of the Council, not including goods for resale or for the personal use of the staff of the Council," are exempted from payment of duty to United Kingdom.

President Uhuru Kenyatta welcomed her assurance that Kenyan duty free exports would continue after Brexit and said Kenya will be pressing for an increase in exports. "We are not going out there with a begging bowl. But to partner with those who are willing to come along with us," said President Kenyatta. He added that, "Kenya has an attractive business and trade environment for both local and foreign investments."

The newly signed agreements with British Prime Minister simply means that Kenya's duty free market has exponentially expanded as the country is in the verge of lossing privileges accorded to exporters by European Union's arrangement for a group of nations known as Least Developed Countries (LDCs.)

Kenya is no longer categorised as a member of LDC whose membership includes 33 African countries – with "very low-income and severe structural impediments to sustainable development".
The Least Developed Countries (LDCs.) have duty-free access for their goods to the EU under an initiative known as Everything but Arms (EBA).

The balance of trade between the two nations is currently in favour of Kenya whose exports to the UK in 2017 were estimated to be worth Ksh. 38 billion while UK exported to Kenya goods worth Sh 27.3 billion during the same period.

At the same time, the ongoing war on corruption received a major boost after Britain signed a key agreement to repatriate all proceeds of crime stashed away in all its jurisdictions.
President Kenyatta and British Prime Minister Theresa May witnessed the signing of an agreement on the framework for the return of assets from corruption and proceeds of crime hidden in off-shore accounts by corrupt individuals.

"Fighting corruption is an important aspect of my legacy programme, together with the unity of the country and attainment of the Big Four centred on investment in housing, manufacturing, food security and universal health," said the President.

He added that "depriving people the proceeds of their crimes is one major deterrent against this vice, and we are determined to make it painful, unrewarding and expensive to get involved in corruption. As I have said in other fora, there is no turning back."

Prime Minister May said that besides repatriation of the proceeds of corruption, her government will support efforts to prosecute and conclude all major corruption cases in the country. "We welcome your commitment and drive to fight corruption. We stand with you. Whatever is held in the UK will be returned to build Kenya," said the Premier.