President William Ruto heralds improved trade and investment ties between Kenya and 27 EU states following the National Assembly’s ratification of the Kenya-EU Economic Partnership Agreement.
In his address at the unveiling of the New Bunge Towers, Ruto emphasized that the long-negotiated trade pact would boost the exchange of goods between the two markets.
“This is a crucial instrument that will facilitate business and investment between Kenya and 27 states in the EU,” Ruto remarked.
The Economic Partnership Agreement promises Kenya duty-free and quota-free access to the EU, its largest export market, while European products will enjoy progressive tariff reductions.
Both Kenyan and European parliaments must ratify the deal for it to take effect.
The European Parliament has approved the Kenya-EU Economic Partnership Agreement (EPA) signed in December of the previous year.
With 366 Members of the European Parliament voting in favor, the agreement secures Kenya’s position in the €14 trillion, 27-country market.
The EU stands as Kenya’s primary export destination and second-largest trading partner, with bilateral trade totaling 3.3 billion Euros in 2022 – marking a 27% increase compared to 2018.
Under the EPA, Kenyan exporters – including those of flowers, tea, coffee, fish, vegetables, fruits, nuts, and more – will enjoy permanent duty-free and quota-free access, ensuring benefits for farmers, processors, and traders alike.