The EU and Kenya signed an Economic Partnership Agreement (EPA) to boost bilateral trade in goods, increase investment flows, and contribute to sustainable economic growth.
“It is the most ambitious trade deal ever signed by the EU with a developing country when it comes to sustainability provisions such as climate and environmental protection, labour rights and gender equality” said the Institution in its website.
The signature took place 19 December during an official ceremony in Nairobi with European Commission President Ursula von der Leyen and Kenyan President Dr. William Samoei Ruto.
The EU is Kenya’s first export destination and second largest trading partner, with a total of €3.3 billion in bilateral trade in 2022 – an increase of 27% compared to 2018. “The EPA will create even more opportunities for Kenyan businesses and exporters, as it will fully open the EU market for Kenyan products upon entry into force. It will also incentivise EU investment in Kenya thanks to increased legal certainty and stability.”