Kenya and the European Union have recently entered into a trade agreement that, upon ratification, will provide Kenya with tariff-free access to the EU market.
This significant development is expected to result in more affordable Kenyan goods for European consumers, potentially leading to an increase in exports and the generation of additional employment opportunities within Kenya.
The deal is expected to enhance Kenya’s economic development, with President William Ruto saying it “will stimulate Kenya’s manufacturing and export of finished, value-added products out of Kenya”.
Kenya’s Trade Minister, Moses Kuria, expressed great pride as he signed the EU-Kenya Economic Partnership Agreement (EPA) alongside EU Trade Commissioner Valdis Dombrovskis.
Highlights of the Kenya – EU Economic Partnership Agreement signed today:
— Trade Kenya (@Trade_Kenya) June 19, 2023
◉ Kenyan exports to enjoy duty and quota free market access to EU
◉ The EPA secures a market for Kenyan farmers & boosts their income potential
◉ It expands and guarantees continued flower exports to EU pic.twitter.com/VCnAEC3TLm
This momentous occasion marks a significant milestone for the country. The European Union stands as one of Kenya’s largest markets, accounting for approximately one-fifth of its total exports, primarily consisting of agricultural products like vegetables, cut flowers, tea, and coffee.
In addition to gaining tariff-free access to the EU market, Kenya has committed to gradually reducing barriers for EU products.
An EU statement noted that this was a balanced agreement, as it considers “Kenya’s development needs by allowing it a longer period to gradually open its market”.