EU Has Announced A Historic Trade Agreement With Kenya Amidst Dissatisfactory Protests
The European Commission announced that a trade agreement with Kenya, the first in Africa, would go into effect on July 1, 2024.
The European Union (EU) and President William Ruto’s administration negotiated the EU-Kenya Economic Partnership Agreement (KEPA).
In a statement issued from EU headquarters in Brussels, Belgium, the economic bloc described the agreement as a significant 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.
The EU-Kenya trade agreement enters into force today.
— European Commission (@EU_Commission) July 1, 2024
This agreement will:
🔹boost trade in goods on both sides
🔹increase investment flows
🔹contribute to sustainable economic growth
ℹ️ Find out more about the EU-Kenya Economic Partnership Agreement: https://t.co/ku3rVgn00b pic.twitter.com/Aq661qYQ8B
“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.”
The Commission noted that the historic agreement included binding provisions on labor issues.
The agreement also addresses gender equality, the environment, and the fight against climate change.
The EU explained why Kenya was the first country chosen for such a deal, citing the country’s status as East Africa’s primary 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.
Trade between the European Union and Kenya reached a record Ksh416 billion in 2023.
With the new agreement in effect, the amount is expected to rise further, creating more opportunities for Kenyan businesses and exporters.
This will be possible because the agreement now fully opens the EU market to Kenyan products and encourages EU investment in Kenya.
EU Has Announced A Historic Trade Agreement With Kenya Amidst Dissatisfactory Protests
