Nairobi — The Economic Partnership Agreement between Kenya and the European Union (EPA) has officially effected following ratification of the strategic partnership aimed at boosting boost bilateral trade in goods and investment flows for sustainable economic growth.
According to Trade Cabinet Secretary Rebecca Miano, all Kenya's exports will now enjoy duty-free and quota-free access to the USD18 trillion European Union market noting that the agreement will strengthen the ties between reliable partners and facilitate mutually lucrative economic relations including job creation and economic growth.
The Agreement which aims at implementing the provisions of the EU East African Community (EAC) EPA includes trade, economic and development cooperation and a chapter on trade and sustainable development focusing on labour issues and areas of gender equality, forestry, environment and the fight against climate change.
"Today, the Economic Partnership Agreement between Kenya and the European Union (EPA) has entered into force, marking a major milestone in the EU-Kenya Strategic Partnership. The Agreement now opens duty-free and quota-free access for all Kenya's exports to the EU market," she said.
CS Miano added that the partnership agreement will unlock new economic opportunities, as the EU takes large shares of being Kenya's topmost export destination and second largest trading partner.
Further the EPA will create more opportunities for Kenyan businesses and exporters including high value manufactured products, fully opening the EU market for Kenyan products and incentivize EU investment into the country due to increased legal certainty and stability
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"The EPA and its ambitious commitments represent a crucial deliverable of Kenya's 2016 Trade Policy. It will help integrate Kenyan value chains with global ones and enhance Kenya's economic development objectives," stated Miano.
Total trade between the EU and Kenya reached over 3.5 billion Euros in 2023, an increase of 16 percent compared to 2018 according to the Ministry.
Following discussions headed by the ministry, Kenya and the EU signed the Economic Partnership Agreement (EPA) in December 2023. This agreement will serve as a model for other nations in the region with the goal of enhancing and promoting economic sustainability.
The Government's Bottom-up Economic Transformation Agenda (BETA) includes a value-chains approach that will help integrate Kenyan value chains globally and advance Kenya's economic development goals.
