President William Ruto on Monday, June 19, presided over the conclusion of negotiations on the EU-Kenya Economic Partnership Agreement (EPA).
A statement released by the State House indicated that Monday’s deal marked the resolution of a seven-year-long search for an agreement that will see Kenya benefit in four major areas.
Following the signing of the agreement, Kenyans will now enjoy duty and quota-free market access to the European Union.
The Economic Partnership Agreement will also benefit Kenyan farmers by boosting their income potential.
“It will expand and guarantee continued flower exports to the EU. This will enable small-scale farmers and cooperatives to get markets for their tea and coffee,” State House said in a statement.
“The agreement also expands and guarantees a predictable market for fish, fresh vegetables, edible fruits and nuts.”
Following the agreement, the third major win for Kenya is that the EU will now encourage the private sector to invest in Kenya.
“This will stimulate job creation in the manufacturing sector, in industries such as chemicals, steel, pharmaceuticals, machinery and other related products,” State House added.
This agreement, the State House adds, will position Kenya as a natural hub for European investors seeking access to the East African Community (EAC), the Common Market for Eastern and Southern Africa (COMESA), and the African Continental Free Trade Area (AfCFTA).
President Ruto on his part said the EU – Kenya Economic Partnership Agreement also anchors a framework which enables Kenya to direct strategic focus towards tackling climate change, and further commits the parties to take active measures to promote sustainable trade.
Source-https://www.nairobileo.co.ke/
Four Major Wins for Ruto in EU-Economic Partnership Agreement
