Kenya’s historic deal with the EU nears completion
As reported by The East African, an East African news publication, the relevant legislative members of both sides are already debating the deal’s feasibility. The EPA would go into effect once said MPs reach a consensus.
The agreement has already been signed and approved by the European Union Council; all that remains is for the relevant MPs to vote.
“This momentous step heralds a new era where Kenyan goods gain immediate and permanent duty and quota-free access to the European market. Simultaneously, European goods will also enjoy preferential access to the Kenyan market” Trade Cabinet Secretary Rebecca Miano noted before the deal was signed.
“This agreement not only opens up opportunities for businesses but will also create jobs and foster economic growth for our citizens,” she added.
The deal in a nutshell is going to allow Kenya to sell its products to the EU member states without any export levies and quotas. This would be a significant cost cut seeing as the EU is Kenya’s second-largest trading partner.
“The Kenya-EU partnership agreement signifies Kenya’s commitment to diversifying its export mix into Europe, with value-added manufactured products,” the cabinet secretary disclosed.
With the other nations of the EAC categorized as least-developed nations, Kenya is the only EAC member that does not have duty-free and quota-free access to the European market. The agreement expands on EPA discussions that were completed in October 2014 with the then EAC member states.
Kenya’s president, William Ruto remarks on Monday after the deal was signed, reads, “This agreement that we are signing today (Monday) leaves the door open, and I say, wide open, for our EAC partners to join. Kenya is a key partner for the European Union in Africa. The new Economic Partnership Agreement will boost bilateral trade even further, support investments, and create good jobs in Kenya.”
