EU MPs Endorse Trading With Kenya in First Ever Deal

The European Parliament has given its green light to a new trade agreement between the EU and Kenya, which will boost economic ties and promote sustainable development.

The EU-Kenya Economic Partnership Agreement (EPA) is the first of its kind with a developing country.

It includes binding and enforceable provisions on labour, gender equality, climate and the environment.

“It will provide duty-free, quota-free EU market access to all exports from Kenya as soon as it enters into force, as well as partial and gradual opening of the Kenyan market to imports from the EU,” said EU on its website.

The deal also prevents both parties from lowering their standards in these areas and sets up a dispute resolution mechanism to address any issues.

Also Read: Equity Bank inks Ksh.16.5bn deal with European Investment Bank

The EPA will grant duty-free, quota-free access to the EU market for all Kenyan exports, as well as partial and gradual opening of the Kenyan market for EU imports. This will create new opportunities for trade and investment, as well as support economic growth and job creation in both regions.

“By promoting trade and investment, the EPA contributes to economic growth and development in Kenya. Increased exports and investments can lead to job creation, income generation, and overall improvement in living standards,” said rapporteur for the agreement, Alessandra Mussolini.

Kenya is the EU’s key trading partner among the East African Community (EAC) countries, accounting for nearly half of EU imports from the EAC and more than half of its exports to the EAC.

The main products traded are vegetables, fruits, flowers, mineral and chemical products and machinery.

The EPA will enter into force once ratified by Kenya and the other EAC countries that have signed it (Rwanda, Uganda and Tanzania). The agreement is also open to other EAC members that wish to join in the future (Burundi and South Sudan).

Monitor Your Business Transaction

Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

Related Articles

One Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button