Kenya, EU sign trade deal as Brussels strengthens ties with Africa
Kenya on Monday signed a trade deal with the European Union that will grant duty-free access for its agricultural products to its biggest export market.
The pact comes as Brussels seeks stronger economic ties with Africa in a bid to fend off China.
Kenyan President William Ruto presided over a ceremony in Nairobi to formally recognize the Economic Partnership Agreement.
‘Stimulate investment’, says Ruto
“In addition to trade, the agreement aims to stimulate investment and manufacturing,” said Ruto.
After signing the agreement alongside EU Trade Commissioner Valdis Dombrovskis, Kenyan Trade Minister Moses Kuria said: “Today is a very proud moment for Kenya and I believe it is a very proud moment for Kenya. European Union”.
Once ratified and effective, Kenya will have duty-free and quota-free access to the European bloc, a market to which it sends approximately one-fifth of all its exports.
tariff cuts
EU imports into Kenya, such as chemicals and machinery, will receive tariff cuts incrementally over a 25-year period, with only a few exceptions.
Kenya’s main exports to the EU are agricultural products such as vegetables, fruits, tea and coffee.
Almost a decade ago, an initial trade agreement between the East African Community (EAC) bloc, of which Kenya is a part, was signed, but only Nairobi ratified it.
Source: DW
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