In a significant move to enhance economic ties, Kenya and the European Union (EU) have formally signed a crucial Economic Partnership Agreement (EPA). The agreement secures duty-free and unrestricted access for selected Kenyan products into the EU, marking a pivotal development for the East African nation’s largest export market.
The signing ceremony, held in Nairobi, was attended by Kenyan President William Ruto and EU Commission Chief Ursula Von Der Leyen. Speaking at the event, President Ruto emphasised the agreement’s core objective, stating, “At the core of this arrangement is our aspiration to put real money into the pockets of ordinary people: farmers, craftsmen and women, fabricators, transporters, and various other kinds of workers who contribute to the manufacturing, intercontinental transport and last-mile delivery to consumers of various products that are a subject of the signing of this agreement.”
Under the terms of the agreement, Kenya commits to gradually opening its market to EU products, fostering a balanced economic relationship between the two parties. The EU holds a pivotal role as Kenya’s leading export destination and second-largest trading partner, contributing to approximately €3.3 billion ($3.6 billion; £2.8 billion) in trade in 2022. This figure represents a remarkable 27% increase compared to 2018.
Both the EU and Kenyan parliaments must ratify the deal to bring it into effect, ensuring that it aligns with the legislative frameworks of both regions. This comprehensive Economic Partnership Agreement aims to bolster economic cooperation and create opportunities for various sectors, benefiting farmers, craftsmen, manufacturers, and transporters.
Originally intended for East African Community (EAC) members, the EPA saw all countries in the regional bloc, except Kenya, abandon the trade pact in 2014. The current agreement between Kenya and the EU signifies a renewed commitment to fostering economic growth, trade, and collaboration between the two regions.
Kiki Garba
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