Understanding the EU-Kenya Economic Partnership Agreement
The European Union and Kenya concluded negotiations for an Economic Partnership Agreement (EPA) on 19 June 2023.
The agreement will boost trade in goods and create new economic opportunities, with targeted cooperation to enhance Kenya’s economic development. It is the most ambitious EU deal with an African country in terms of climate protection and labour rights.
The agreement will:
Foresee immediate full liberalisation of the EU market for Kenyan products;
incentivise EU investment in Kenya, thanks to increased legal certainty and stability;
contain strong trade and sustainability commitments, including binding provisions on labour matters, gender equality, environment and the fight against climate change, and;
include a dedicated chapter on economic and development cooperation, to enhance the competitiveness of the Kenyan economy
Putting the same into proper perspective, the Cabinet Secretary for Investment Trade and Industry the Hon CS Rebecca Miano, EGH notes,
“Signing of this very important Economic Partnership Agreement is a phenomenal milestone and Kenya is advantaged to benefit from this deal. Kenya having moved a step higher to a lower middle income country has a lot to reap in terms of immediate access to the 27 EU countries which present a magnanimous trading bloc. Our goods will be duty and quota free. This therefore means that we must position ourselves to tap into this market, especially through value addition of our goods so that we can export them as finished products.”
The Hon CS Rebecca Miano reminds us that the Economic Agreement is at advanced stages because immediately Parliament resumes from recess, it will undergo ratification and finally implementation.
Hon CS Rebecca Miano is humbled to handle and herald this golden opportunity for Kenya.
From our desk we wish her the very best
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