June 13, 2024
Relief For Exporters As EU Gives Kenya Exceptional Duty-Free Market Access Trade Deal

Relief For Exporters As EU Gives Kenya Exceptional Duty-Free Market Access Trade Deal

The European Union Council announced on Thursday, May 30, the conclusion of the EU-Kenya Economic Partnership Agreement, which will increase trade between the two countries.

Charles Michel, President of the European Council, stated that this development will help strengthen existing trade ties with Kenya.

“Excellent news that the EU-Kenya Economic Partnership Agreement is concluded today. This will enhance our already flourishing trade partnership with Kenya and contribute to sustainable economic growth,” he stated.

The agreement grants Kenya duty-free and quota-free access to the EU market for all exports.

Additionally, the EU will gradually and partially gain access to Kenyan markets for all of its imports.

“The agreement will enter into force on the first day of the second month following the date on which the parties have notified each other of the completion of their respective internal procedures,” read a statement from the union.

Aside from the trade agreement, this deal includes binding provisions of trade and sustainable development, such as climate and environmental protection, labor rights, and a transparent resolution mechanism.

“This agreement will strengthen our cooperation with Kenya, the economic hub of East Africa. Workers, businesses and traders on both sides will benefit from this shared commitment to sustainable development, including labour rights, the environment and climate action,” Belgian Minister of Foreign Affairs, European Affairs and Foreign Trade Hadja Lahbib stated.

The European Union has identified this as one of the most ambitious economic partnership agreements it will have with a developing country.

This development will give Kenyans an advantage in the EU market while also increasing the number of items exported.

Furthermore, this trade agreement will increase economic opportunities for Kenyans and accelerate Kenya’s economic development.

Notably, the EU is one of Kenya’s top export destinations and second-largest trading partner. Kenya signed the European Union Economic Partnership Agreement (EPA) in June 2023 in order to increase its exports to the European Union.

President William Ruto, who attended the contract signing ceremony, stated that this agreement ensured Kenya of an expanded, lucrative, and sustainable market that would improve trade and investment opportunities.

โ€œThis is a giant step forward. It sets the stage for the initiation of the EAC partner states into the Agreement,” he added.

Relief For Exporters As EU Gives Kenya Exceptional Duty-Free Market Access Trade Deal

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