Nairobi — President Ruto has hailed the historic European Union trade agreement as a game-changer since Kenya will now have access to markets in 27 different countries.
Speaking during the conclusion of the Kenya-European union Economic Partnership Agreement (EPA)) negotiations on Monday, the agreement signifies a long-term commitment to guaranteeing a reliable market for farmers, including those in the flower, coffee, tea, fish, pea, and edible fruit and nut sectors.
"Kenya now has further impetus to tap into sustainable global value chains, invest in competitiveness for the sustainable manufacture of high value products, accelerate technology acquisition as well as innovation for product development," he said.
"Widen the opportunities available in green finance and investment, and strengthen our framework for export trade, including recalibrating our foreign trade and commercial service sector to align it with emerging export opportunities."
He continued by saying that the agreement would support trade, investment, and trade-related development cooperation, furthering the economic linkages between Kenya and the European Union while also fostering long-term economic growth and job creation.
In addition, the agreement will open new prospects for Kenyan and European firms, particularly Micro, Small, and Medium-Sized Enterprises,
"Additionally, the Agreement will grant Kenyan products immediate duty-free-quota-free entry into the EU from the day it comes into effect," he said.
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"And in recognition of our varied stage of progress along the development journey, products from the European Union will progressively receive duty reductions over a period of 25 years."
According to Presidnt Ruto, the Agreement will make it easier for Kenya to realize its goal of transforming to a green economy by deepening trade and trade-related policy initiatives that will boost Kenyan enterprises' participation in sustainable global value chains.
"We will deepen trade and trade-related policy measures that will create a supportive business ecosystem for Kenyan firms to participate in sustainable global value chains," he added.
The EU is Kenya's first export destination and second largest trading partner, totaling Ꞓ3.3 billion of trade in 2022 an increase of 27% compared to 2018.
The Economic Partnership Agreement will create more opportunities for Kenyan businesses and exporters, as it will at once fully open the EU market for Kenyan products, and it will incentivize EU investment to Kenya thanks to increased legal certainty and stability.
