Kenya and the European Union are making significant strides toward finalizing an Economic Partnership Agreement, which would provide Kenya’s exports with duty-free privileges and unrestricted entry into the EU market.
This comes after seven months of negotiations, with both parties initialing a draft deal in June.
The EU, a major destination for Kenya’s exports, has officially approved the agreement, setting the stage for parliamentary ratification on both sides before it takes effect.
“Today’s agreement marks a new era where Kenyan products enjoy immediate duty- and quota-free access to the European market,” said Rebecca Miano, Kenya’s trade minister, during the agreement signing ceremony in Nairobi.
She added, “Over time, European goods will also gain preferential access to the Kenyan market.”
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Kenya, a key exporter of goods such as tea, coffee, flowers, fruits, and vegetables to the EU, relies on the bloc for 21% of its total exports.
In return, Kenya imports machinery, pharmaceuticals, and chemicals from the EU.
Bilateral trade between the two amounted to 3.3 billion euros in 2022, making the EU Kenya’s second-largest trade partner.
This agreement builds on a preliminary trade deal signed in 2016, which included Kenya and other members of the East African Community (EAC).
However, the previous deal did not gain full traction as most EAC countries did not sign it.
With the EAC now comprising eight member nations, President William Ruto emphasized that all EAC partners are welcome to join the new agreement.
“This agreement we are signing today leaves the door open, and I say, wide open, for our EAC partners to join,” stated President Ruto during the ceremony.
While the other EAC members, classified as least developed countries, may continue to benefit from existing access, Kenya, as a middle-income country, sought a standalone arrangement.
“We encourage the other Eastern African countries to join,” urged EU Commission President Ursula von der Leyen, highlighting the inclusive nature of the new economic partnership.
Kenya And EU Strengthen Trade Ties With New Economic Partnership Agreement, Kenya And EU Strengthen Trade Ties With New Economic Partnership Agreement
