EU and Kenya complete EPA negotiations

Tuesday, June 20, 2023 15:45 (GMT+7)

(CPV) - On June 19, the European Union (EU) and Kenya announced the completion of political negotiations on an ambitious Economic Partnership Agreement (EPA). The agreement is expected to boost trade in goods and create new economic opportunities between the two sides.

The agreement was signed by European Commission Vice President and European Union (EU) Trade Commissioner Valdis Dombrovskis and Kenya's Cabinet Minister for Investment, Trade and Industry Moses Kuria in the Kenyan capital Nairobi.

“This is the EU’s most ambitious trade deal with a developing country in terms of sustainability provisions such as climate protection, the environment and labour rights,” a joint statement issued by both sides said.

According to statistics, the EU is currently Kenya's top export destination and second largest trading partner, with total trade turnover of 3.3 billion euros ($3.6 billion) in 2022, up 27% from 2018.

The EU said the EPA will create further opportunities for Kenyan businesses and exporters as the agreement will open the EU market to Kenyan products and encourage EU investment in Kenya through increased stability and legal certainty.

“Kenya is one of our most important partners in Africa,” Valdis Dombrovskis stressed, adding that the EU welcomes the move to a new level of partnership. The agreement creates new opportunities for businesses and increases trade and investment between Kenya and the EU. Valdis Dombrovskis expressed his hope that the agreement will enter into force quickly so that both sides can fully exploit the untapped potential in their economic and political partnership.

The EU-Kenya EPA builds on good results. It includes strong commitments on trade and sustainability, binding provisions on labour, gender equality, the environment and climate change. It is considered a balanced agreement, taking into account Kenya’s development needs by allowing it to gradually open its market, implement agricultural safeguards and protect its growing industry.

The economic partnership agreement between the EU and Kenya aims to implement the provisions of the EU-East African Community (EAC) and will be open to other EAC countries to join in the future./.

H.Ha (According to Xinhua, europa.eu)

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