|

EU approves economic partnership deal with Kenya

Agreement set to strengthen cooperation with Kenya -- recognized as economic hub of East Africa -- benefiting workers, businesses, traders on both sides

05:46 - 31/05/2024 Friday
AA
File photo
File photo

The Council of the European Union officially adopted a decision Thursday to implement the EU-Kenya Economic Partnership Agreement (EPA), marking a significant step forward in boosting trade and creating new economic opportunities between the two regions.

The agreement is set to strengthen cooperation with Kenya -- recognized as the economic hub of East Africa – that will benefit workers, businesses and traders on both sides, according to a statement.

It said the shared commitment to sustainable development, including labor rights, environmental protection and climate action is a cornerstone of the partnership.

"The agreement will provide duty-free, quota-free EU market access to all exports from Kenya, excluding arms, as soon as it enters into force," stated Hadja Lahbib, Belgian Minister of Foreign Affairs, European Affairs and Foreign Trade. "Additionally, it will allow for the partial and gradual opening of the Kenyan market to imports from the EU."

The EU is Kenya's foremost export destination and second-largest trading partner, with bilateral trade totaling €3.3 billion ($3.6 billion) in 2022, a 27% increase from 2018.

#EU-Kenya Economic Partnership Agreement
#Kenya
#partnership
2 months ago