Business

Kenya Signs EU Trade Deal In Boost To EU’s Africa Ties

Kenya and the European Union have signed a trade deal in a coup for Brussels as it seeks deeper economic ties with Africa in the face of competition from China.

Kenyan President William Ruto presided over a ceremony in Nairobi on Monday to mark the formal conclusion of negotiations for the EU-Kenya Economic Partnership Agreement.

Once ratified and entered into force, Kenya will receive duty-free and quota-free access to the EU, its biggest market where it sends roughly one-fifth of all its exports.

Imports from the EU to Kenya such as chemicals and machinery will receive progressive tariff reductions over a period of 25 years, but some sensitive products will be excluded.

“Today is a very proud moment for Kenya, and I believe a very proud moment for the European Union,” Kenyan Trade Minister Moses Kuria said after signing the accord with EU Trade Commissioner Valdis Dombrovskis.

Kenya’s main exports to the EU are agricultural products, including vegetables, fruits and the country’s famous tea and coffee.

More than 70 percent of Kenya’s cut flowers are destined for Europe.

Ruto, who said the EU was “the second most important development partner for Kenya after the World Bank” said the country’s farmers could be “assured of a predictable market” and the agreement provides new opportunities to boost this trade.

“It ensures a stable market for industrialists, for our farmers, and also industrialists in the European Union,” he said.

Dombrovskis said EU companies had invested 1 billion euros ($1.1bn) in Kenya in the past decade but that there was “a strong appetite” to do more business. “With this deal in place, we have the right platform to do so,” he said.

SOURCE: AL JAZEERA

Follow us on:

AriseNews

View Comments

  • O7O 4540 6674 }!!!TOKUNBO VEHICLES!!!
    TOYOTA 4RUNNER ₦750,000_1mill
    TOYOTA HIGHLANDER ₦800,000__1.3mill
    TOYOTA LANDCRUISER ₦900,000__2mill
    TOYOTA TACOMA ₦850,000___3mill
    TOYOTA VENZA ₦900,000___1.8mill
    TOYOTA SIENNA ₦800,000
    TOYOTA SOQUOIA ₦750,000
    TOYOTA PREVIA ₦600,000
    TOYOTA PRADO 2.2mill
    TOYOTA TUNDRA N1,200,000
    Camry 2.4 650 C O R O L L A LE 300
    TOYOTA LANDCRUISER ₦900,000__1.5mill
    TOYOTA TACOMA ₦850,000
    TOYOTA VENZA ₦900,000__1.7mill
    TOYOTA SIENNA ₦600,000
    TOYOTA SOQUOIA ₦750,000
    TOYOTA PREVIA ₦600,000
    TOYOTA TUNDRA N1,200,000
    O7O 4540 6674}
    HONDA ACCORD ₦600,000
    HONDA EOD ₦650,000
    HONDA ODYSSEY ₦700,000
    HONDA BABY BOY ₦500,000
    HONDA PILOT ₦700,000___1mill
    HONDA CROSSTOUR ₦650,000
    HONDA DISCUSSION CONTINUE ₦600,000
    TOYOTA 4RUNNER ₦750,000
    TOYOTA HIGHLANDER ₦800,000
    TOYOTA LANDCRUISER ₦900,000
    TOYOTA TACOMA ₦850,000
    TOYOTA VENZA ₦900,000__1.8m
    TOYOTA SIENNA ₦800,000
    TOYOTA SOQUOIA ₦750,000
    TOYOTA PREVIA ₦600,000
    TOYOTA CAMRY 2.4 650,000
    TOYOTA HIACE BUS 900,000
    HONDA ACCORD ₦600,000
    HONDA EOD ₦650,000
    HONDA ODYSSEY ₦700,000
    HONDA BABY BOY ₦500,000
    HONDA PILOT ₦700,000
    HONDA CROSSTOUR ₦650,000
    HONDA DISCUSSION CONTINUE ₦600,000
    O7O 4540 6674 }
    HONDA ACCORD ₦500,000
    HONDA CIVIC ₦500,000
    HONDA CRV ₦500,000
    HONDA CROSSTOUR ₦650,000
    HONDA ELEMENT ₦600,000
    HONDA PILOT ₦700,000
    HONDA ODYSSEY ₦700,000
    70_4540_6674
    70_4540_6674
    RANGE ROVER SPORT 3mill
    RANGE ROVER EVOGUE 3.3mill
    RANGE ROVER 2.8mill
    LEXUS ES300 - ES350 - ES330 800,000__3M
    LEXUS RX300 - RX330 - RX350 - RX400 - RX450 ₦700,000
    LEXUS LX450 - LX470 -LX570 ₦800,000__2.6mill
    LEXUS GX460 - GX470 ₦800,000___4m
    LEXUS RC300 - RC350

Recent Posts

President Tinubu Orders Probe Into Prosecution Of Minors From #EndBadGovernance Protests

President Tinubu has ordered an investigation into the arrest, prosecution of minors involved in #EndBadGovernance…

7 hours ago

Musk’s Lawyer Defends $1M-a-Day Giveaway, Denies Illegal Lottery Claims

Musk's $1M giveaway is under legal scrutiny in a Pennsylvania court case as it targets…

7 hours ago

Badenoch Unveils Shadow Cabinet with Jenrick As Shadow Justice Secretary, Patel As Shadow Foreign Secretary

Kemi Badenoch has appointed former rivals Jenrick, Patel, and Stride to senior roles in her…

7 hours ago

Boeing Workers Vote On New Contract To End Seven-Week Strike

Boeing workers voted Monday on a new contract to end a seven-week strike

7 hours ago

Former Delta Governor Ifeanyi Okowa Arrested By EFCC For Alleged N1.3 Trillion Diversion

EFCC has arrested ex-Delta governor Ifeanyi Okowa for alleged misuse of oil derivation funds, diverting…

7 hours ago

Search for Missing Persons Continues After Deadly Valencia Floods

Barcelona faces severe flooding as search and rescue efforts continue.

10 hours ago