Today marks a significant milestone in EU-Kenya relations as the Economic Partnership Agreement (EPA) between the European Union and Kenya officially enters into force. Signed in December 2023, this agreement aims to strengthen bilateral trade, boost investment, and foster sustainable economic development.
Kenya, recognized as East Africa’s economic hub, stands to benefit greatly from enhanced access to the EU market for its goods. The EPA provides Kenyan exporters with unrestricted access, reflecting the EU’s role as Kenya’s largest export destination and second-largest trading partner. In 2023, bilateral trade between the EU and Kenya exceeded €3 billion, indicating a robust economic relationship poised for further growth.
President Ursula von der Leyen emphasized the agreement’s pioneering aspects in sustainability, including binding provisions on labour rights, gender equality, environmental protection, and climate change. These provisions underscore the EU’s commitment to responsible trade partnerships with Africa.
In addition to trade benefits, the EPA is expected to attract increased EU investment in Kenya, bolstered by improved legal certainty and stability measures. This influx of investment is anticipated to stimulate job creation and economic growth across various sectors in Kenya.
President Uhuru Kenyatta highlighted the agreement’s potential as a model for future trade relations within the East African Community (EAC) and beyond, emphasizing its role in promoting regional integration and economic cooperation.
Looking forward, the EU-Kenya EPA remains open to other EAC countries, setting a precedent for sustainable economic partnerships in Africa and reinforcing Kenya’s strategic position in global trade.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
3rd July, 2024
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