European Union Parliament has approved the Kenya-EU Economic Partnership Agreement (EPA) signed in December last year.
- 366 Members of the European Parliament voted in favor the agreement, approving the deal for Kenya in the €14 trillion, 27-country market.
- The EU is the East African nation’s first export destination and second-largest trading partner, with a total of 3.3 billion Euros in bilateral trade in 2022 – an increase of 27% compared to 2018.
- The EPA will ensure that farmers, processors, and traders enjoy permanent duty-free and quota-free access for Kenyan exports – flowers, tea, coffee, fish, veggies, fruits, nuts, and more.
It also opens opportunities for the EU in trade and investment in Kenya, spurring job creation in manufacturing – chemicals, steel, pharmaceuticals, machinery, & related sectors, ultimately positioning Kenya as a hub for European investors eyeing EAC, COMESA, & AfCFTA.
“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,” EU Commission President Ursula von der Leyen said during the signing ceremony.
While the new trade agreement is a boost to Kenya’s economy which is still in a slow recovery mode, there are hopes that its fledgling manufacturing sector will not be overwhelmed by a flood of cheap EU goods and that capacity building and knowledge transfer will underlie this bilateral agreement.
Kenya and EU Sign New Ambitious Trade Deal – Kenyan Wallstreet
