The European Parliament has given its consent to the ratification of the EU-Kenya Economic Partnership Agreement. BusinessEurope believes these deals will generate new trade and investment opportunities and will create quality jobs in both the EU and partner countries. BusinessEurope Director General Markus J. Beyrer said:
“These agreements mark an important step, consolidating the EU’s ties with important partners in Africa. They show real commitment from the EU to engage with partners around the world and build stronger and mutually beneficial relationships. In the current geopolitical context with increasing tensions, the EU remains a consistent and solid player that offers a sustainable model of economic development to interested partners.
These agreements contribute to the EU’s efforts to diversify markets for both exports and imports, mitigate risks and build more resilient value chains. This is particularly relevant in the case of critical raw materials, which are fundamental to support the green and digital transformations and European competitiveness. Finally, in the face of increasing unilateral actions that challenge multilateral rules, these deals champion modern, rules-based trade that sets high sustainability standards.”
The EU-Kenya Economic Partnership Agreement negotiations were concluded during an official ceremony in Nairobi by European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis and Cabinet Secretary of Kenya’s Ministry of Investments, Trade and Industry, Hon. Moses Kuria, in the presence of Kenyan President Dr. William Samoei Ruto.
The EU is Kenya’s first export destination and second largest trading partner, totalling €3.3 billion of 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 at once fully open the EU market for Kenyan products, and it will incentivise EU investment to Kenya thanks to increased legal certainty and stability.
Kenya has a pioneering role in sustainability efforts on the African continent and is a reliable ally in the fight against climate change. It co-leads the Coalition of Trade Ministers on Climate initiative launched earlier this year, together with the EU, Ecuador and New Zealand. The EU-Kenya EPA builds on this strong track record and is the first agreement with a developing country in which the EU’s new approach to trade and sustainable development is reflected. The deal contains strong trade and sustainability commitments, including binding provisions on labour matters, gender equality, environment and the fight against climate change.
This is a balanced agreement, taking into account Kenya’s development needs by allowing it a longer period to gradually open its market, safeguards for agriculture, and protection of its developing industry. A dedicated chapter has been included on economic and development cooperation, aimed at enhancing the competitiveness of the Kenyan economy. Together with EU development assistance, this will help build capacity and assist Kenya in implementing the EPA smoothly, while supporting local farmers in meeting EU standards and in reaping the opportunities this agreement provides.
