In May 2001 (following a further reorganisation of Ministry responsibilities) Nicholas Biwott continued as the Minister of Trade and Industry and East African Tourism (2001–02). Over the next eighteen months he established the Small Medium Trade Trust Fund with the European Union, introduced an Intellectual Property bill which was passed as an Act, accomplished a free trade area with COMESA, established the Africa Trade Insurance Agency to cover foreign investments against political risk, and served as Chairman of the African Caribbean Pacific Group (ACP) at the World Trade Organization.