Kenya,EU economic partnership agreement

President William Ruto said the collaboration will be a step forward for the East African Community Partner States in a statement at State House on Monday, June 19 morning.
According to him, the alliance will expand upon the terms of the EPA between the EU and EAC nations.
“The EU-Kenya Agreement will therefore retain the potential to evolve as an intrinsic feature, insofar as it shall remain open to accession by EAC Partner States, in line with the decision of the Summit, which recognized the need to permit some Partner States to move forward and commence engagements with the EU to start the EU-EAC-EPA implementation under the principle of variable geometry,” reads a portion of Ruto’s statement.
I appreciate Kenya’s Principal Secretary for Trade and the EU’s Director of Trade for Africa, along with their technical teams, for this accomplishment and am really happy that it was completed.
Moses Kuria, Kenya’s trade CS, claims that the agreement will allow exports duty-free, quota-free market access and empower the private sector to trade, resulting in more jobs for young people.
The agreement also demonstrates our commitment to sustainable commerce and opens doors for the integration of value chains between Kenya, East Africa, and the European Union. Small businesses in Europe and Kenya will benefit from this agreement by having more options to participate in international trade. The parties will endeavor to have their individual internal processes finished as soon as possible in order for the EPA to go into effect, according to Kuria.
The deal would implement bilaterally the clauses of the Economic Partnership deal between the EU and the EAC, which negotiations were concluded in 2014. This is stated in a joint communication from the two parties.
Other EAC Partner States will still be able to access the EU-Kenya Agreement. Through the Agreement, trade-related development cooperation will be combined with trade and investment facilitation.
Additionally, it intends to strengthen Kenya’s economic links with the EU and to promote employment growth and sustainable economic growth.
It will open up new doors for European and Kenyan companies, as well as Micro, Small, and Medium-Sized Enterprises.
In terms of sustainability, the Agreement will also advance shared values and interests. Both parties have vowed to combine environmental protection and climate resilience with sustainable growth and the creation of good jobs.
They reaffirmed that key elements of this relationship and sustainable development include democratic governance, peace, security, and human development, with a focus on women and youth.
“With this agreement, we are forging a stronger bond and opening up more business prospects for our companies, which will boost investment and trade. Economic growth and quality jobs will result from this, according to EU Commissioner for Trade Valdis Dombrovskis.
The Standard