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Growing Kenya Economy Hinges on Renewal of US Trade Pact

Kenya has emerged third among the top 20 fastest-growing economies in the world, according to a 2015 survey by Bloomberg. Kenya and Nigeria are the only African countries that made it on the list, which placed China first, followed by the Philippines. However unemployment in Kenya remains high and some industries face a shock unless the U.S. renews a key trade agreement.

The sound of this industrial sewing machine fills the air at the United Aryan Limited textiles factory on the outskirts of Nairobi as workers are busy trying to make production deadlines.

Established 13 years ago, the company employs approximately 10,000 people, earning an average income of $150 a month.

Most of its business is in exports. Each month, it sends goods worth $100 million to clients in the U.S.

United Aryan has benefited from the African Growth and Opportunity Act (AGOA), a U.S. trade program that provides duty-free import of certain products from sub-Saharan Africa.

But that all may change in September, when the program is set to expire.

Pankaj Bedi, the founder and chairman of United Aryan Limited, said his company would face serious consequences if AGOA is not renewed.

“It will be disaster. We all have been lobbying, pushing doing whatever we can. In fact government is very proactive, even the Kenyan government has been, you know, following through. If it is not there then we are not there. Simple. We’ll lose all the jobs; there will be social, security all kind of disaster happening,” said Bedi.

According to the Bloomberg survey of 57 countries, Kenya’s projected 6 percent growth rate this year would see it join China, India, Philippines and Indonesia as the only economies enjoying 5 percent growth or higher.

However, unemployment in Kenya remains high, and 40 percent of Kenyans live below the poverty line. Losing the trade agreement could make the situation worse.

Financial analyst Aly Khan Satchu said AGOA adds jobs and revenues to Kenya’s economy.

“There’s been an explosion in what you call the EPZ, Export Processing Zones, where the government has assisted companies who are predominantly exporting textiles. It’s been pretty major and has had a dynamic, positive economic impact in Kenya,” said Satchu.

In the past, Kenya has struggled to attain strong economic growth due to political unrest, periodic droughts and attacks blamed on terrorists. The business community believes fast growth can continue if AGOA continues as well.

 

詞匯解析

remains

難度：5星基本詞匯，屬常用1000詞

英漢解釋

n.剩余物；遺跡；遺體

參考例句

用作名詞 (n.)

After the wheat crop has been gathered, many farmers burn the remains and plough the ash into the soil, so as to enrich it.

小麥?zhǔn)崭钔瓿珊螅r(nóng)夫們把剩余物燒掉，然后用犁把灰埋入地里，使土地更肥沃。

Choi's remains true today for cremation.

崔真實(shí)的遺體今天進(jìn)行火葬。

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nephew

難度：3星常用詞匯，屬常用6000詞

英漢解釋

n.外甥；侄子

參考例句

用作名詞 (n.)

My little nephew is very naughty.

我的外甥特別調(diào)皮。

To my surprise, I found my nephew dressed in a girl's skirt.

令我驚奇的是，我侄子穿著女孩的裙子。

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survey

難度：5星基本詞匯，屬常用1000詞

英漢解釋

n.問卷；測量；調(diào)查；縱覽；視察

v.調(diào)查；審視；研究；測量；勘定；環(huán)視

參考例句

用作名詞 (n.)

A recent survey of public opinions shows that most people are worried about the increasing crime.

一份最近的民意調(diào)查表明,大多數(shù)人對不斷增長的犯罪率表示憂慮。

用作動詞 (v.)

They surveyed the damage inflicted by the storm.

他們調(diào)查了暴風(fēng)雨造成的損失。

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attain

難度：3星常用詞匯，屬常用6000詞

英漢解釋

v.實(shí)現(xiàn)；獲得；達(dá)到

參考例句

用作動詞 (v.)

The country attained its independence in 1972.

這個國家在1972年獲得了獨(dú)立。

They're sure to attain emancipation in the end.

他們最后一定能獲得解放。

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security

難度：4星核心詞匯，屬常用3000詞

英漢解釋

n.安全；保證；證券；債券；抵押；防護(hù)措施

參考例句

用作名詞 (n.)

I'll undertake for your security.

我將保證你的安全。

The value of a derivative is based on another security.

金融衍生工具的價值以另一種債券為基準(zhǔn)。

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trade

難度：5星基本詞匯，屬常用1000詞

英漢解釋

n.貿(mào)易；交易；行業(yè)；同行；顧客；營業(yè)額；交易量

v.做生意；從事貿(mào)易；購物；營業(yè)；(在證券交易所)交易；交換

參考例句

用作名詞 (n.)

China does a lot of trade with many countries.

中國和許多國家進(jìn)行多方面貿(mào)易。

用作動詞 (v.)

I refuse to trade with that company again.

我拒絕再度和那家公司做生意。

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battery

難度：4星核心詞匯，屬常用3000詞

英漢解釋

n.電池；一系列；炮兵連；排炮；[律]毆打

參考例句

用作名詞 (n.)

My car battery has run down; it needs recharging.

我的汽車電池沒電了，需要充電。

An enemy battery zeroed in on the crossroad.

敵人炮兵集中炮火于那個十字路口。

 

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