Kenya and the European Union (EU) officially sealed a long-negotiated trade agreement on Monday to improve the flow of goods between the two markets, News About Nigeria reports.
During a ceremony held in Nairobi, the capital of Kenya, President William Ruto announced the historic agreement, noting the promising moment and the beginning of a revolutionary partnership.
European Commission Chief Ursula von der Leyen was present at the event.
Kenya’s most important export market, the EU, will soon be open to duty-free and quota-free access thanks to the Economic Partnership Agreement.
In return, European goods will experience progressive tariff reductions in Kenya.
According to Ruto, the primary objective of this agreement is to put real money into the pockets of ordinary people.
“Although today represents a moment of monumental promise, it is also the beginning of a historic partnership for historic transformation.
“The core of this arrangement is to put real money into the pockets of ordinary people,” said Ruto.
EU chief von der Leyen hailed the partnership as a ‘win-win situation on both sides’ and urged other East African nations to consider joining the pact.
After years of negotiations, the pact was finally finalised in June and represents a new chapter in the strong connection between Kenya and the EU.
However, before the agreement can take effect, it needs to be approved by both the European and Kenyan parliaments.
Last week, the European Council described the agreement as the ‘most ambitious economic partnership’ it has established with a developing country. Notably, the agreement includes pledges to support sustainable growth in areas like environmental preservation and labour rights.
