EU and Kenya sign economic partnership agreement
On 19 June 2023, the EU and Kenya concluded negotiations on a Economic Partnership Agreement (EPA.
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.
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.
KEY FEATURES OF THE AGREEMENT:
- Boosting economic opportunities
- Immediate duty-free quota-free access to the EU for all Kenyan exports
- Partial, gradual opening of the Kenyan market, in full consideration of its economic development
- Ban on unjustified or discriminatory restrictions on imports and exports
- Safeguards on both sides if imports under the deal disturb or threaten to disturb the economy
- Special safeguard conditions to protect Kenya’s developing industry
- Better customs rules and procedures for easier trade
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