Exporters’ win as MPs clear Kenya, Europe trade deal
From left: The US Secretary of Commerce Gina Raimondo, President William Ruto and Trade CS Rebecca Miano during the American Chamber of Commerce (AmCham) Business Summit in Nairobi.
Kenyan exporters will start benefitting from the Kenya- European Union (EU) trade deal signed in December last year, following Parliament's approval of the pact.
The Kenya-EU Economic and Partnership Agreement (EPA), opens up the 27-country market for Kenyan exporters to access "duty-free, quota-free".
Trade Cabinet Secretary Rebecca Miano and EU Ambassador Henriette Geiger signed the EPA in December 2023, witnessed by President William Ruto and EU Commission President Ursula von der Leyen.
The European Parliament had previously ratified the agreement, approving the deal for Kenya to export to the EU on a duty-free and quota-free basis.
Trade and Investment Ministry yesterday noted that while the trade deal opened a wider market for Kenyan exporters in the EU (excluding Britain), it would also open significant opportunities for the EU to trade and invest in Kenya.
"The agreement secures longterm duty-free-quota-free access to the EU market for Kenyan products, thus making the EU a key stimulant for Kenya’s economic development, and will be open to other East African Community Partner States to join through Article 144," noted a statement from Ms Miano.
The EU commands a $16 trillion Gross Domestic Product (GDP) and has been one of Kenya's largest export destinations globally, absorbing about 21.1 per cent of the country’s total exports annually.
It is expected that opening up the market for quota-free, duty-free access for Kenyan products will help Kenya narrow the trade gap between the two markets.
