Nairobi, 20 June 2023 (TDI): During a visit to Kenya, Executive Vice-President of the European Union (EU) Valdis Dombrovskis announced significant decisions that have been made to strengthen trade relations between the EU and Kenya. These decisions are set to have a transformative impact on both economies.
First and foremost, the conclusion of negotiations for the EU-Kenya Economic Partnership Agreement was announced. This agreement solidifies the existing trade ties between the EU and Kenya and opens up new avenues for cooperation.
It was emphasized that the EU is already a major trading partner for Kenya, with over 70% of Kenya’s flower production being exported to the EU.
The agreement ensures that Kenyan exports to the EU will be tariff-free from the day it comes into force, providing unhindered access to the EU market.
The agreement goes beyond trade facilitation and includes provisions for trade-related development cooperation.
The focus will be on supporting job creation and sustainable economic growth, with particular attention given to micro, small, and medium-sized enterprises. This cooperative approach aims to enhance economic opportunities for businesses on both sides and promote inclusive growth.
Importantly, the EU-Kenya Economic Partnership Agreement sets ambitious goals in the areas of climate protection, labor rights, and gender equality. It represents the EU’s most ambitious trade deal with any African country in these aspects.
The EU-Kenya partnership agreement will boost trade and open new opportunities for workers, businesses and citizens.
A huge milestone with an important African partner and a key ally against climate change.
Congratulations on your hard work to get it done @VDombrovskis https://t.co/oYciqXbWQM
— Ursula von der Leyen (@vonderleyen) June 19, 2023
By aligning trade and sustainable development, the agreement aims to foster a green and digital economic transformation in both regions. It recognizes that countries and regions committed to sustainable development are poised for success and will be winners in the future.
Furthermore, the EU expressed its support for Kenya’s economic model, which combines sustainable growth, job creation, and environmental conservation.
The EU’s Global Gateway initiative has already mobilized substantial funds to support various projects in Kenya, including renewable energy, sustainable agriculture, climate resilience, and digitalization.
These projects are aimed at promoting long-term climate objectives and fostering economic structures compatible with sustainable development.
Additionally, it was emphasized that the EU-Kenya Economic Partnership Agreement is open for other members of the East African Community to join. This underscores the EU’s commitment to regional integration and the development of the Africa Continental Free Trade Area.
The EU stands ready to provide assistance and expertise to its African partners, supporting their efforts to break down political and economic barriers and enhance cooperation.
The decisions taken during this visit highlight the EU’s commitment to strengthening trade and economic relations with Kenya.
The EU-Kenya Economic Partnership Agreement sets the stage for enhanced cooperation, increased investment, and inclusive growth. It represents a significant milestone in the bilateral relationship between the EU and Kenya, fostering a mutually beneficial partnership based on shared values and objectives.
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