Kenyan President William Ruto has said that the ongoing trade tariff wars between the world’s two biggest economies could signal an end to the old order, which is long overdue.
While delivering a public lecture at Peking University in Beijing, the Kenyan leader suggested that a new world order could not come soon enough to replace the old one which has been in place since end of the Second World War.
He said a new world trading system would take cognisance of the current realities of an unjust global economic structure led by the Western powers in which underdeveloped nations including those in Africa are shortchanged.
”The financial and security architecture that arose out of the ashes of that conflict has largely benefited the Global North at the expense of the Global South with the exclusion of everyone else” he lamented.
Ruto has been attending the Kenya-China Investor Roundtable in Beijing, where seven deals with Chinese companies were sealed with a view to investing in new development projects in East Africa’s largest economy.
The Kenyan leader also exhorted both Nairobi and Beijing to intensify their campaign advancing the cause of the Global South at the international stage, insisting on reforming global institutions ”to be more representative and efficient”.
He described Chinese companies as the driving force behind Kenya’s economic growth over the years through investments.
According to Ruto the Chinese firms with the latest deals to invest in Kenya are China Wu Yi, Chongqing Shancheng Apparel Group Co.Ltd, Rongtai Steel Co. Ltd, Industry Park/ Anhui Jiubao Electronic Co. Ltd, Shandong Jialejia Agriculture and Animal Husbandry Technology Co. Ltd among others
WN/as/APA