Kenya and the European Union have formalized a landmark trade agreement aimed at bolstering trade between the regions. President William Ruto heralded the momentous occasion, emphasizing its significance in forging a historic partnership set to trigger transformative change.
“This marks the genesis of a significant partnership, brimming with potential for unprecedented transformation,” remarked Ruto during the ceremony in Nairobi, attended by European Commission chief Ursula von der Leyen.
The Economic Partnership Agreement establishes preferential trade terms, granting Kenya duty-free and quota-free access to the EU, its primary export market. Simultaneously, European goods will experience gradual tariff reductions, fostering enhanced market accessibility.
Ruto underscored the agreement’s focal objective: “To tangibly enrich the lives of ordinary citizens by infusing real economic benefits.”
Echoing Ruto’s sentiments, EU chief von der Leyen lauded the partnership as mutually advantageous and urged other East African nations to consider joining this pact—a culmination of extensive negotiations culminating in June.
“We embark on a promising chapter in our robust alliance, pivoting our efforts towards effective implementation,” von der Leyen remarked, highlighting the critical next steps.
The deal necessitates ratification by both Kenyan and European parliaments before enactment. The European Council, heralding the agreement as their most ambitious with a developing nation, emphasized commitments to sustainable development encompassing labor rights and environmental safeguards.
The agreement signals a pivotal stride towards closer economic integration, fostering a landscape of mutual growth and progress for Kenya and the European Union.
