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Saturday, July 13, 2024

EU-Kenya Economic Partnership Agreement Enters Into Force

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The EU-Kenya Economic Partnership Agreement (EPA) has officially entered into force, marking a significant milestone in the EU-Kenya Strategic Partnership. This ambitious agreement is expected to substantially boost bilateral trade, enhance investment flows, and solidify economic ties between the two partners.

“The EU-Kenya EPA is a groundbreaking agreement that will significantly enhance our bilateral trade and investment relations,” an EU representative stated. “It reflects our shared commitment to sustainable and mutually beneficial economic growth.”

The agreement is notable for its comprehensive approach to sustainability, making it the most ambitious deal of its kind negotiated with an African country. “The EPA sets a new standard for sustainable trade agreements,” the representative continued. “It includes binding provisions on labor issues, gender equality, environmental protection, and the fight against climate change.”

Kenya, as East Africa’s main economic hub, stands to gain considerably from this agreement. The EU is Kenya’s primary export destination and its second-largest trading partner. In 2023, the total trade between the EU and Kenya reached €3 billion, marking a 16% increase compared to 2018. “This agreement will unlock new economic opportunities for Kenya,” a Kenyan official commented. “The full opening of the EU market for Kenyan products will create more opportunities for our businesses and exporters.”

The EPA is also expected to incentivize EU investment in Kenya by providing increased legal certainty and stability. “This agreement is a game-changer for Kenyan businesses,” the official added. “It will stimulate job creation and economic growth in a sustainable manner.”

The EPA was concluded in June 2023 and signed by both parties on December 18, 2023. It aims to implement the provisions of the EU-East African Community (EAC) EPA and remains open to other EAC countries. The agreement aligns with the EU’s 2021 Trade Policy Review and its trade policy with Africa, aiming to deepen and expand current trade agreements with African countries while enhancing their sustainability objectives.

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