Kenya: President Ruto Hails MPs for Ratifying Kenya-EU Economic Pact
Nairobi — President William Ruto says trade and investment between Kenya and at least 27 European Union States is expected to improve after the National Assembly on Wednesday ratified the Kenya-EU Economic Partnership Agreement.
Speaking during the opening of the New Bunge Towers, Ruto said the long-negotiated trade pact is set to increase the flow of goods between the two markets.
“This is a good instrument that will facilitate business and investment between Kenya and 27 states in the EU,” Ruto said.
The Economic Partnership Agreement will give Kenya duty-free and quota-free access to the EU, its biggest export market, while European goods will receive progressive tariff reductions.
Both the Kenyan and the European parliaments are required to ratify the deal before it comes into force.
The European Union Parliament consquently approved the Kenya-EU Economic Partnership Agreement (EPA) signed in December last year.
366 Members of the European Parliament voted in favor the agreement, approving the deal for Kenya in the €14 trillion, 27-country market.
The EU is Kenya’s first export destination and second-largest trading partner, with a total of 3.3 billion Euros in bilateral trade in 2022 – an increase of 27% compared to 2018.
The EPA will ensure that farmers, processors, and traders enjoy permanent duty-free and quota-free access for Kenyan exports – flowers, tea, coffee, fish, veggies, fruits, nuts, and more.
It also opens opportunities for the EU in trade and investment in Kenya, spurring job creation in manufacturing – chemicals, steel, pharmaceuticals, machinery, and related sectors, ultimately positioning Kenya as a hub for European investors eyeing East African Community, Common Market for East and Africa (COMESA), and African Continental Free Trade Area (AfCFTA).
By Capital FM.
