Kenya and the European Union today (Monday) are set to sign a groundbreaking trade agreement, a historic milestone that marks the conclusion of an eight-year negotiation.
The partnership aims to strengthen economic ties and bolster cooperation between the two regions.
A delegation from the EU led by President Ursula von der Leyen is in the country for the ceremony to be held at the Statehouse.
Kenya’s exports to Europe are set to expand following the signing of the European Union Economic Partnership Agreement (EPAs).
The deal sets the pace for trade liberation, offering tariff-free quota-free access to Kenyan exports to the European Union.
“It assures us of an expanded, lucrative and sustainable market, enhancing trade and investment opportunities,” President William Ruto said in a past event.
He noted that increased trade with a population of about 500 million people- will create jobs, expand earnings and stimulate sustainable economic growth.
"This signifies a moment of collaboration with improved bilateral trade in goods, services and investment flows to enhance Kenya’s economic development. Stay tuned for more," a statement from the EU reads.
Negotiations on the EPA between the East African Community (EAC) and the EU (EAC-EU EPA) were concluded in 2014.
Kenya signed and ratified the Agreement in September 2016.
The EU and its Member States also signed it in June 2016.
Its implementation has, however, not been possible because not all EAC partner countries signed and ratified it.
The EAC Summit of 27 February 2021, under the chairmanship of Kenya, reached a decision allowing individual EAC states to implement the EPA.
In May 2021, Kenya formally requested to engage with the EU to move forward with the implementation of the Agreement on a bilateral basis.
On February 17, 2022, Kenya and the EU signed a Joint Statement at the margins of the EU-AU Summit agreeing to advance negotiations on the EU-Kenya EPA, which will remain open for other EAC partner states.
Negotiations were concluded on May 24, 2023, at a technical level and on June 19, 2023, at the political level.
On September 28, 2023, the Commission submitted its proposals for Council Decisions on the signing and the conclusion of the EU-Kenya Economic Partnership Agreement, together with the text of the Agreement.
