Seated CS Moses Kuria (left) and Valdis Dombrovskis. Standing behind them are President Ruto (left) and his deputy Rigathi Gachagua
Kenya and the European Union on Monday sealed an economic partnership deal to enhance trade and investment relations between Kenya and the EU.
The deal was signed by European Commission Executive Vice-President and EU Trade Commissioner Valdis Dombrovskis and Cabinet Secretary of Kenya's Ministry of Investments, Trade, and Industry Moses Kuria in the presence of President William Ruto.
Kenya would gain duty-free and quota-free access to the EU once the treaty is ratified and enters into force.
The agreement intends to bring the 2014 Economic Partnership Agreement provisions between the EU and East African Community (EAC) Partner States into force.
The agreement will also enhance shared values and common interests in sustainability while directly contributing to the goals of the UN 2030 Agenda for Sustainable Development.
President William Ruto welcomed the move as a significant step forward in the EU-Kenya trade and investment relationship, saying it demonstrates a long-term commitment to ensuring farmers have a dependable market.
He stated that expanded trade with the EU will create employment, raise incomes, and stimulate long-term economic growth.
“It assures us of an expanded, lucrative and sustainable market, enhancing trade and investment opportunities,” said President Ruto.
Valdis Dombrovskis, on his part, stated that the agreement is a significant deliverable of the EU-Kenya Strategic Dialogue and would be directly supported by the implementation of the Global Gateway Africa-Europe Investment Package, which was announced at the 6th EU-AU Summit in February 2022.
“This Agreement takes into account our different stages of development. Kenya’s exports to the EU will be tariff-free from day one, while tariffs on EU exports will be liberalised over time and not on all products. We look forward to the entry into force of this agreement as soon as possible so that we can fully reap the untapped potential of our economic and political partnership,” stated Dombrovskis.
Agriculture-related goods, such as fruits, vegetables, and Kenya's renowned tea and coffee, make up most of the country's exports to the EU.
