The European Union and Kenya Monday completed the political conclusion of negotiations for an Economic Partnership Agreement.
The Agreement will boost EU-Kenya trade in goods and create new economic opportunities, said an EU statement.
It is the most ambitious EU trade deal with a developing country when it comes to sustainability provisions such as climate and environmental protection and labour rights, noted the statement.
The negotiations were concluded during an official ceremony in Nairobi by European Commission Executive Vice President and Commissioner for Trade Valdis Dombrovskis and Cabinet Secretary of Kenya’s Ministry of Investments, Trade and Industry, Moses Kuria, in the presence of Kenyan President Dr. William Samoei Ruto.
The EU is Kenya’s first export destination and second largest trading partner, totalling EUR 3.3 billion (USD 3.6 billion) of trade in 2022 – an increase of 27% compared to 2018.
The Agreement will create even more opportunities for Kenyan businesses and exporters, as it will at once fully open the EU market for Kenyan products, as well as incentivise EU investment to Kenya thanks to increased legal certainty and stability, it added.
Source: Kuwait News Agency