The National Assembly has greenlit the Kenya-European Union (EU) Economic Partnership Agreement (EPA), marking a significant trade milestone. This deal secures duty-free, quota-free access to the €13 trillion European market, offering unparalleled opportunities for Kenyan traders. Signed last December in Nairobi, the agreement saw the presence of President William Ruto and EU Commission President Ursula von der Leyen, underscoring its strategic importance.
With the European Parliament’s prior ratification, boasting overwhelming approval, the stage is set for enhanced trade relations between Kenya and the EU. As Kenya’s second-largest trading partner and primary export market, the EU plays a pivotal role in the country’s economic landscape. Trade figures reflect this significance, with total trade reaching €3.3 billion in 2022, witnessing a notable 27 percent surge over five years.
Crucially, Kenya’s exports to the EU, valued at €1.2 billion, encompass vital sectors such as agriculture, particularly vegetables, fruits, and flowers. Meanwhile, EU exports to Kenya, totaling €2.02 billion, predominantly consist of mineral and chemical products, along with machinery. This mutually beneficial partnership promises to foster economic growth and prosperity for both parties.
With parliamentary approval secured, Kenya and the EU are poised to operationalize and leverage the EPA for mutual benefit. This landmark agreement signifies a new chapter in bilateral trade relations, offering a wealth of opportunities for businesses on both sides.
