By Shadrack Nyakoe
The Economic Partnership Agreement (EPA) between Kenya and the European Union has officially entered into force, signifying a significant advancement in the EU-Kenya Strategic Partnership.
This agreement grants duty-free and quota-free access for all Kenyan exports to the EU market, worth USD 18 trillion, enhancing bilateral trade, boosting investment flows, and fostering stronger ties between the two partners.
It aims to stimulate job creation and economic growth in a sustainable manner.
The EU-Kenya Economic Partnership Agreement is one of the most ambitious agreements between the EU and an African country, promoting economic sustainability.
It includes provisions on trade, economic cooperation, labor issues, gender equality, environmental protection, and climate change, serving as a potential model for other African nations, especially in Eastern Africa.
As Eastern Africa’s leading economic hub, Kenya stands to gain significantly from this agreement.
The EU is a major export destination and Kenya’s second-largest trading partner. In 2023, trade between the EU and Kenya exceeded €3.5 billion, a 16% increase from 2018.
The EPA will create new opportunities for Kenyan businesses and exporters, particularly in high-value manufactured products, by fully opening the EU market to Kenyan goods. It will also encourage EU investment in Kenya by providing greater legal certainty and stability.
Read also:- Kenya Launches Innovative Waste Management Project with JICA Support