The Cabinet has approved the Africa Continental Free Trade treaty for ratification.
The Bill for ratifying the treaty, which was signed in Kigali, Rwanda, by 44 African nations, will be presented to Parliament within the next few days.
The treaty will come into effect as soon as it is ratified by 22 countries.
The Cabinet urged the private sector to take advantage of the business opportunities presented by the deal to extend Kenya’s foothold into all the 54 African nations.
The pact is expected to establish a single liberalised market to spur industrialization, infrastructural development, economic diversification and trade across the continent.
The pact also seeks to promote industrial development through diversification, regional value chain development, agricultural development, and food security.
The treaty is expected to, in future, enable residents of all member countries to use a single passport and currency.
The Cabinet also approved for ratification the free trade agreement bringing together the Common Market for Eastern and Southern Africa, the Southern African Development Community, and the East African Community.
It also approved a supplementary budget that factored in austerity measures to control expenditure.
The Cabinet said more focus would be placed on priority areas, especially the President's Big Four agenda consisting of manufacturing, universal healthcare, affordable housing, and food security
Also approved was the County Retirement Benefits Bill, which will establish an umbrella pension scheme for county employees.