As part of its efforts to forge closer economic ties with Africa, the European Union and Kenya signed a long-negotiated trade agreement on Monday to boost the flow of goods between the two markets.
Kenya’s largest export market, the EU, will be open to duty-free and quota-free access thanks to the Economic Partnership Agreement, while European goods will see progressive tariff reductions.
The agreement, which comes after China went on a spending binge on extravagant infrastructure projects throughout the continent, is the first large-scale trade agreement between the EU and an African country since 2016.
“Although today represents a moment of monumental promise, it is also the beginning of a historic partnership for historic transformation,” stated William Ruto, the president of Kenya at a ceremony in Nairobi, the capital of Kenya, where European Commission President Ursula von der Leyen was present. “The core of this arrangement is to put real money into the pockets of ordinary people,” said Ruto.
After years of negotiations that came to a conclusion in June, EU chief negotiator Michael von der Leyen declared that the partnership was a “win-win situation on both sides” and urged other East African countries to sign on. “We are deepening trade ties and building up our economic resilience,” she said. “We are opening a new chapter in our very strong relationship and now our effort should be focused on implementation,” von der Leyen added.
Before the agreement takes effect, it needs to be ratified by the parliaments of Kenya and Europe.
The agreement was described as “the most ambitious economic partnership” between the European Union and a developing nation. According to a statement from the EU, it contains pledges to sustainable development in areas like environmental protection and labour rights.
