Kenya and EU Forge Economic Partnership, Bolstering Trade and Investment Ties
Kenya and the European Union have reached an agreement on an Economic Partnership, a development that will likely strengthen trade and investment ties between the EU and Kenya.
In the presence of President William Ruto, Valdis Dombrovskis, Executive Vice-President of the European Commission and EU Trade Commissioner, and Moses Kuria, Cabinet Secretary of Kenya’s Ministry of Investments, Trade, and Industry, concluded the discussions.
The purpose of this agreement is to implement the terms of the 2014 Economic Partnership Agreement between the European Union and the East African Community (EAC) Partner States.
It is a result of the East African Community Heads of State Summit on February 27, 2021.
According to a joint statement issued by CS Kuria and his EU counterpart, EAC member states will continue to have access to the Kenya-EU agreement.
“Kenya is one of our most vital African partners.” Today, we welcome the expansion of our economic partnership. With this contract.
ALSO READ: Cabinet Secretary Moses Kuria Vows to Slash Government Advertisements on NMG Over Critical Investigative Reporting
Monday’s statement by Valdis Dombrovskis, Executive Vice-President and EU Commissioner for Trade, stated, “We are establishing a deeper relationship and creating new opportunities for our businesses that will increase trade and investment.”
Taking into account the different stages of development of the two countries, according to Dombrovskis, Kenya’s exports to the EU will be duty-free from day one, while tariffs on EU exports will be liberalized gradually and not on all products.
On the other hand, according to CS Kuria, the agreement, which provides duty-free-quota-free market access for exports and certainty in the trading regime, will enable the private sector to trade and invest with confidence, as well as increase employment opportunities for Kenyan youth and support their livelihoods.
“The agreement reflects our shared commitment to trade sustainably and creates opportunities to integrate value-chains between Kenya, East Africa, and the European Union,” CS Kuria said.
Through this agreement, both European and Kenyan small businesses will have access to new global trade opportunities.
The aforementioned agreement will also advance shared values and common interests in sustainability while contributing directly to the goals of the UN 2030 Agenda for Sustainable Development.
Sustainable Development and the African Union’s Agenda 2063, and supporting the green and digital transitions of both partners
Kenya and EU Forge Economic Partnership, Bolstering Trade and Investment Ties
HEY READER. PLEASE SUPPORT THIS SITE BY CLICKING ADS. DON’T FORGET TO HIT THE NOTIFICATION BELL FOR MORE UPDATES AROUND THE GLOBE.
