The European Union (EU) is set to deepen its economic ties with Kenya after the Council of the European Union officially adopted a decision to implement the EU-Kenya Economic Partnership Agreement (EPA) this Thursday.
This agreement marks a significant step forward in boosting trade and fostering economic opportunities for both regions.
The EPA is positioned to strengthen cooperation with Kenya, recognized as the economic powerhouse of East Africa, benefiting businesses, workers, and traders on both sides.
A joint statement emphasizes a shared commitment to sustainable development, encompassing labor rights, environmental protection, and tackling climate change, as a cornerstone of this partnership.
“The agreement will provide duty-free, quota-free access to the EU market for all Kenyan exports, with the exception of arms, upon its entry into force,” stated Hadja Lahbib, Belgian Minister of Foreign Affairs, European Affairs and Foreign Trade.
She further noted that “it will allow for the partial and gradual opening of the Kenyan market to imports from the EU.”
This move comes at a time when the EU is already Kenya’s top export destination and second-largest trading partner.
Bilateral trade between the two regions reached €3.3 billion ($3.6 billion) in 2022, reflecting a significant 27% increase from 2018. The EPA is expected to further solidify this economic partnership.
