spot_img
Sunday, April 14, 2024
spot_img
spot_img

Kenya and European Union Sign Historic Trade Deal

Kenya and European Union Sign Historic Trade Deal
Kenya and European Union Sign Historic Trade Deal

Kenya and the European Union on Monday, December 18,  signed the Kenya-European Union Economic Partnership Agreement, strengthening their resolve to enhance economic collaboration.

President William Ruto said the agreement will boost trade between Kenya and the 27 countries in the European Union.

- Advertisement -

The Head of State announced that Kenya would now enjoy duty and quota-free access to the European market when the agreement is ratified by the European Parliament.

The president stated that access to the 16 trillion euro market would stimulate the growth of manufacturing, value addition, and entrepreneurship in the country.

This, he explained, would fast-track the realisation of the country’s Bottom Up Economic Transformation Agenda by expanding opportunities and increasing earnings.

“At the core of this arrangement is our aspiration to put real money into the pockets of ordinary people,” remarked Ruto.

- Advertisement -

Adding: “Today, therefore, is a great day for the hardworking hustlers who often make their contribution to job creation, innovation and value addition through the micro-small and medium enterprises and small businesses.”

President Ruto and EU Commission President Ursula von der Leyen witnessed the signing of the Kenya-EU Economic Partnership Agreement at State House, Nairobi.

Prime Cabinet Secretary Musalia Mudavadi, and Trade Cabinet Secretary Rebecca Miano, among other cabinet secretaries and governors, were present

The Head of State also said the agreement “opens the door wide open for East African Community partners” to sign similar agreements with the European Union.

“I trust that this ceremony will inaugurate the arrival of investment in other manufacturing areas, including chemicals, pharmaceuticals, medical supplies and equipment,” the President said.

Ruto said the government is building 500 fresh produce markets and 47 county aggregation and industrial parks with cold rooms to preserve perishable agricultural products like vegetables and avocados and improve their quality so as to achieve the highest quality.

On her part, President Leyen mentioned that the agreement would strengthen Kenya’s export capacity and create jobs for the people.

“This agreement is fair and sustainable because it takes into account your need to open your market gradually,” she added.

She said Europe will provide the necessary agricultural machinery to boost Kenya’s production capacity.

Prime Cabinet Secretary Musalia Mudavadi said the agreement will expand opportunities for ordinary Kenyans, especially those in agri-business.

“I am confident that its implementation will contribute to the realisation of the government’s Bottom-Up Economic Transformation Agenda,” he stated.

Investment, Trade and Industry Cabinet Secretary Rebecca Miano said the agreement will spur the growth of small and medium enterprises.

The European Union is one of Kenya’s largest trading partners and its most important export market. Bilateral trade between Kenya and the EU is worth €3.3 billion (KSh594 billion).

The trade is nearly balanced save for a surplus in the EU’s favour at €768 million.

Kenya mainly exports vegetables, flowers, and fruits. On its part, the European Union exports minerals, chemical products, and machinery.

Source-https://www.nairobileo.co.ke/

 

Kenya and European Union Sign Historic Trade Deal

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -spot_img
- Advertisement -spot_img
- Advertisement -spot_img
- Advertisement -spot_img
- Advertisement -spot_img
- Advertisement -spot_img

Latest Articles