(3 Minutes Read)
European Union Parliament has approved the Kenya-EU Economic Partnership Agreement (EPA) signed in December last year with 366 members voting in favour of the agreement. The deal will help Kenya to have increased cooperation with the 27-member EU, which has a combined GDP of €14 trillion.
European Union Parliament has approved the Kenya-EU Economic Partnership Agreement (EPA) signed in December last year with 366 members voting in favour of the agreement. The deal will help Kenya to have increased cooperation with the 27-member EU, which has a combined GDP of €14 trillion.
The EU is Kenya’s first export destination and second-largest trading partner. The bilateral trade between the two countries is at 3.3 billion Euros in 2022. It is an increase of 27% compared to 2018. The EPA will ensure that farmers, processors, and traders enjoy permanent duty-free and quota-free access to 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
EU Commission President Ursula von der Leyen said during the signing ceremony that the new Economic Partnership Agreement would boost bilateral trade even further, support investments, and create good jobs in Kenya, leading to sustainable and fair economic growth, particularly in the East African country.
Read Also:
https://trendsnafrica.com/ethiopia-and-kenya-resolve-to-bolster-economic-cooperation/https://trendsnafrica.com/kenyan-president-ruto-meets-his-ugandan-counterpart-yoweri-museveni-at-his-country-home-in-kisozi/
Trade analysts caution Kenya to follow a pragmatic approach so that cheap goods from the EU would not flood the fledgling market of Kenya, affecting its domestic industry.
