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Tuesday, July 23, 2024
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First-Ever Trade Agreement Between EU and Kenya Now in Effect

First-Ever Trade Agreement Between EU and Kenya Now in Effect
First-Ever Trade Agreement Between EU and Kenya Now in Effect

The European Commission announced that a trade agreement with Kenya which was a first in Africa had come into effect starting July 1, 2024.

The EU-Kenya Economic Partnership Agreement was negotiated between the European Union (EU) and President William Ruto’s administration.

In a statement from EU headquarters in Brussels, Belgium, the economic bloc heralded the agreement as a key milestone in the EU-Kenya Strategic Partnership.

“The agreement will boost bilateral trade in goods, increase investment flows, strengthen the ties between reliable partners, and facilitate mutually advantageous economic relations in a sustainable manner, stimulating job creation and economic growth,” a statement from the European Commission read in part.

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“The EU-Kenya EPA is the most ambitious deal negotiated with an African country in terms of sustainability and can serve as a template for other sustainable trade agreements.”

Speaking of the historic deal, the Commission noted that it included binding provisions on labour issues.

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The agreement further encompasses gender equality, environment and the fight against climate change.

On why Kenya was the first country chosen for such a deal, the EU described the nation as East Africa’s main economic hub.

“The agreement will unlock new economic opportunities, as the EU is Kenya’s first export destination and second-largest trading partner,” the benefits of the deal were expounded.

In 2023 alone, trade between the European Union and Kenya reached an all-time high of Ksh416 billion.

With the new deal taking effect, the amount is expected to rise further as well as create more opportunities for Kenyan businesses and exporters.

This will be possible because the agreement now fully opens the EU market to Kenyan products as well as incentivise EU investment in Kenya.

By KIOKO NYAMASYO

Read the Original Article on https://www.nairobileo.co.ke

First-Ever Trade Agreement Between EU and Kenya Now in Effect

Isaac Mbugua
Isaac Mbuguahttps://diasporamessenger.com/
Isaac Mbugua is a journalist and senior reporter for Diaspora Messenger

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