Source: andyfisher.ca
The Economic Partnership Agreement (EPA) between the EU and Kenya has officially entered into force, marking an important milestone in the Strategic Partnership between the two countries.
This agreement aims to boost bilateral trade in goods, increase investment flows and strengthen ties between the two partners. It aims to facilitate mutually beneficial economic relations on a sustainable basis, thereby stimulating job creation and economic growth.
The EU-Kenya EPA is the most ambitious agreement negotiated with an African country in terms of sustainability and is expected to serve as a model for other sustainable trade agreements. Key commitments in the agreement include binding provisions on labour issues, gender equality, environmental protection and combating climate change, the European Commission said in a press release.
Kenya, known as East Africa’s main economic hub, has substantial growth potential in its trade relations with the EU. The agreement is expected to generate new economic opportunities, given that the EU is Kenya’s main export destination and its second largest trading partner. In 2023, total trade between the EU and Kenya reached €3 billion (approximately $3.219 billion), reflecting a 16% increase compared to 2018.
The Economic Partnership Agreement will create more opportunities for Kenyan companies and exporters by fully opening the EU market to Kenyan products. It will also encourage EU investment in Kenya due to increased legal security and stability, the statement added.
The EU-Kenya Economic Partnership Agreement was concluded in June 2023 and signed by both parties on 18 December 2023. The agreement aims to implement the provisions of the EU-East African Community (EAC) EPA, and remains open to other EAC countries.
The EU-Kenya Economic Partnership Agreement (EPA) has entered into force, boosting bilateral trade in goods, investment and relations. The agreement, which is the most sustainable agreement between the EU and Africa, includes commitments on labour, gender equality and climate. Kenya, the economic hub of East Africa, will benefit from new opportunities as a key trading partner of the EU.