The Kenyan Government has signed a crucial economic partnership agreement (EPA) with the European Union (EU) to enable the East African nation operate in the world’s biggest export market.
The EPA will enable Kenya to trade with unlimited access and duty-free for some enlisted products.
President William Ruto and EU Commission chief Ursula Von Der Leyen signed the EPA agreement at a ceremony in Kenya’s capital Nairobi.
“At the core of this arrangement is our aspiration to put real money into the pockets of ordinary people: farmers, craftsmen and women, fabricators, transporters and various other kinds of workers who contribute to the manufacturing, intercontinental transport and last-mile delivery to consumers of various products that are a subject of the signing of this agreement,” President Ruto said.
According to the EPA, Kenya would reciprocate by progressively opening its market to products from the EU.
The EU is Kenya’s second-largest trading partner and top export destination after hitting trade deals totalling over 552 billion Kenyan Shillings ($3.6 billion) in 2022, up 27% from the previous year.
The EPA take effect after it is ratified by the Kenya and EU parliaments.The deal was originally intended for members of the East African Community (EAC) but was later boycotted by all member nations of the bloc in 2014 except Kenya.