NAIROBI, July 1 (Xinhua/GNA) — Kenya and the European Union (EU) reached a milestone in their trade relations, with the implementation of the Economic Partnership Agreement (EPA) on Monday, an official of the East African nation said.
With the EPA, all Kenya’s exports to the EU market are now duty-free and quota-free, boosting bilateral trade in goods and increasing investment flows, said Rebecca Miano, cabinet secretary for the Ministry of Investments, Trade and Industry, in a statement released in the country’s capital Nairobi.
“The EU-Kenya EPA is one of the most ambitious agreements negotiated between the EU and an African country in terms of promoting economic sustainability,” said Miano, adding that it can serve as a template for other African countries.
Miano noted that the agreement, will unlock economic opportunities as the EU is the top destination for Kenya’s exports and the country’s second-largest trading partner.
The total trade between Kenya and the EU, reached around 3.2 billion U.S. dollars in 2023, an increase of 16 percent compared to 2018.
Kenya’s main exports to the EU are horticultural produce, covering fruits, cut flowers, vegetables, tea and coffee.
The EPA between Kenya and the EU, was concluded in June 2023 and signed in December the same year, according to Miano.
GNA