The Economic Partnership Agreement (EPA) between Kenya and the European Union went into effect when the strategic partnership was ratified, with the goal of increasing bilateral trade in goods and investment flows for long-term economic growth.
According to Trade Cabinet Secretary Rebecca Miano, all Kenyan exports will now have duty- and quota-free access to the USD18 trillion European Union market, with the agreement strengthening ties between reliable partners and facilitating mutually beneficial economic relations such as job creation and economic growth.
The Agreement, which aims to implement the provisions of the EU East African Community (EAC) EPA, includes trade, economic, and development cooperation, as well as a chapter on trade and sustainable development that focuses on labor issues, gender equality, forestry, the environment, and climate change mitigation.
“Today, the Economic Partnership Agreement (EPA) between Kenya and the European Union went into effect, marking a significant milestone in the EU-Kenya Strategic Partnership. “The Agreement now provides duty-free and quota-free access for all Kenyan exports to the EU market,” she stated.
Rebecca Miano
CS Miano noted that the collaboration deal will create new economic prospects, as the EU is Kenya’s top export destination and second-largest trading partner.
Furthermore, the EPA will generate new opportunities for Kenyan firms and exporters, especially high-value manufactured products, fully opening the EU market for Kenyan exports, and incentivizing EU investment into the nation through increased legal clarity and stability.
“The EPA and its lofty commitments are a critical component of Kenya’s 2016 trade policy. Miano noted that it will aid in the integration of Kenyan value chains with global ones, as well as the enhancement of Kenya’s economic growth objectives”, Added the CS.
According to the Ministry, total commerce between the EU and Kenya would exceed 3.5 billion Euros in 2023, representing a 16 percent increase from 2018.
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