Kenya and European Union Sign Trade Deal to Boost Economic Development.
Kenya and the European Union have recently inked a trade agreement that, once approved, will grant Kenya duty-free access to the EU market. This development is expected to lead to more affordable Kenyan products for European consumers, potentially fueling increased exports and generating additional employment opportunities within Kenya.
President William Ruto expressed optimism about the deal, stating that it would stimulate the manufacturing sector and bolster the export of value-added goods from Kenya. Trade Minister Moses Kuria described the signing of the EU-Kenya Economic Partnership Agreement (EPA) with EU Trade Commissioner Valdis Dombrovskis as a moment of pride for the country.
The European Union stands as one of Kenya’s major markets, accounting for approximately one-fifth of its total exports. These exports predominantly consist of agricultural products such as vegetables, cut flowers, tea, and coffee. As part of the agreement, Kenya is expected to gradually reduce trade barriers for EU products.
In a statement, the EU emphasized the balanced nature of the agreement, taking into account Kenya’s development needs by providing a longer timeframe for the gradual opening of its market. This trade deal holds significant potential for enhancing Kenya’s economic growth and prosperity.
