EU, Kenya announce ambitious trade deal as Brussels aims to boost Africa ties
The European Union and Kenya have announced the political conclusion of the negotiations for an ambitious Economic Partnership Agreement (EPA) that aims to boost trade in goods and create new economic opportunities, with targeted cooperation to enhance Kenya’s economic development.
The negotiations were concluded during an official ceremony in Nairobi by European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis and Cabinet Secretary of Kenya’s Ministry of Investments, Trade and Industry, Moses Kuria, in the presence of Kenyan President William Ruto. It is widely hailed the most ambitious EU trade deal with a developing country when it comes to sustainability provisions such as climate and environmental protection and labour rights. The EPA between the EU and Kenya also aims at implementing the provisions the EU-East African Community (EAC) EPA, and it will be open for other EAC countries to join in the future.
The EPA and its ambitious commitments represent a crucial deliverable of the EU’s 2021 Trade Policy Review and its trade policy with Africa, helping the EU to deepen and expand its current trade agreements with African countries and enhance their sustainability objectives. It is a balanced agreement, taking into account Kenya’s development needs by allowing it a longer period to gradually open its market, safeguards for agriculture, and protection of its developing industry. The EU is Kenya’s first export destination and second largest trading partner, totaling €3.3 billion of trade in 2022 – an increase of 27% compared to 2018. The EPA will create even 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.EU, Kenya announce ambitious trade deal as Brussels aims to boost Africa ties
The European Union and Kenya have announced the political conclusion of the negotiations for an ambitious Economic Partnership Agreement (EPA) that aims to boost trade in goods and create new economic opportunities, with targeted cooperation to enhance Kenya’s economic development.
The negotiations were concluded during an official ceremony in Nairobi by European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis and Cabinet Secretary of Kenya’s Ministry of Investments, Trade and Industry, Moses Kuria, in the presence of Kenyan President William Ruto. It is widely hailed the most ambitious EU trade deal with a developing country when it comes to sustainability provisions such as climate and environmental protection and labour rights. The EPA between the EU and Kenya also aims at implementing the provisions the EU-East African Community (EAC) EPA, and it will be open for other EAC countries to join in the future.
The EPA and its ambitious commitments represent a crucial deliverable of the EU’s 2021 Trade Policy Review and its trade policy with Africa, helping the EU to deepen and expand its current trade agreements with African countries and enhance their sustainability objectives. It is a balanced agreement, taking into account Kenya’s development needs by allowing it a longer period to gradually open its market, safeguards for agriculture, and protection of its developing industry. The EU is Kenya’s first export destination and second largest trading partner, totaling €3.3 billion of trade in 2022 – an increase of 27% compared to 2018. The EPA will create even 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.
