Ruto finalise multinational deal with EU on economic partnership
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President William Ruto finalise multinational deal on economic partnership with EU after ten years of persuit
President William Ruto finalise multinational deal on economic partnership with EU after ten years of persuit.
On Monday, June 19, President William Ruto will preside over a ceremony to celebrate the completion of an Economic Partnership Agreement between Kenya and the European Union (EU).
The ceremony will take place at State House in Nairobi, according to a statement made by Moses Kuria, the Trade Cabinet Secretary, on June 17.
Under a collaboration agreement with the East African Community, which consists of Rwanda, Burundi, Tanzania, and Uganda, negotiations for the deal started in 2014.
Only Kenya, though, gave its approval.
“Kenya and the EU have finalised an Economic Partnership Agreement to be unveiled in a ceremony at State House in Nairobi on Monday, June 19, 2023,” Kuria stated.
By allowing Kenya duty-free and quota-free access (DFQF) to the EU market for all of its exports, the agreement aims to strengthen commercial ties and economic growth between Kenya and the EU.
In exchange, Kenya pledged to gradually expand its market to additional goods from European nations, serving as the entry point for the EU into other African nations.
Additionally, Kenyan producers will be able to import raw materials for less, bringing down the cost of production.
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Kenya also consented to other conditions, such as allowing investors to open stores there and taking climate action.
On May 26, European Trade Commissioner Valdis Dombrovskis stated that the deal was pursued because the EU viewed Kenya as critical to its economic prosperity and security, signalling the bloc’s trust in the Ruto administration.
“Our trade deals are critical for the EU’s economic security and competitiveness and also help us grow our exports and, therefore, support more European jobs.
“We have invested significant energy and resources into progressing several important deals. We want to conclude negotiations with Australia and Kenya by the summer,” Valdis stated.
The EU is one of Kenya’s largest export markets, accounting for 21.1 per cent of total exports.
According to the EU, more than 70% of Kenya’s total flower production is exported to the bloc, supporting 500,000 direct and indirect Kenyan jobs.
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