Kenya and the European Union (EU) have signed an Economic Partnership Agreement (EPA) that will enhance trade and investment, as well as cooperation on sustainability and development, between the two partners.
The deal, which was signed by President William Ruto and EU Commission President Ursula von der Leyen on Monday, December 18, 2023, will give Kenya duty-free and quota-free access to the EU market.
“Kenya is a key partner for the European Union in Africa. The new Economic Partnership Agreement will boost bilateral trade even further, support investments, and create good jobs in Kenya. This agreement will also contribute to sustainable and fair economic growth, bringing new opportunities for companies to the benefit of both our people. It includes the strongest social and climate commitments of any EU trade deal with an African country,” the President of the European Commission, Ursula von der Leyen, said.
The EU market comprises 27 member states and accounts for 21 per cent of Kenya’s total exports.
The EU is Kenya’s second-largest trading partner and contributes 17 per cent of the global GDP. The deal will also open up new opportunities for Kenyan products and services and increase their competitiveness and earnings in the premium EU market.
“At the core of this arrangement is our aspiration to put real money into the pockets of ordinary people: farmers, craftsmen and artisans, fabricators, transporters, and various other kinds of workers who contribute to the manufacturing, inter-continental transport, and last-mile delivery to the consumers of various products,” President William Ruto stated.
The EPA will be transmitted to the European Parliament for consent. The agreement will subsequently enter into force.