TRADE
31-05-2024 by redazione
The process that led to the Economic Partnership Agreement between the European Union and Kenya has finally been concluded, ready to give a decisive boost to trade between the two realities, but above all, from now on, to exports from Kenya to EU member states. In fact, Kenya will already see customs duties for all exports reduced to zero in the coming months.
For the opposite process, however, it will take a little longer and above all the reduction of duties will be gradual and will first affect certain categories of products and gradually all the others, in a process that will last for its first phase, no less than seven years.
‘It is excellent news that the EU-Kenya Economic Partnership Agreement was concluded today. This will strengthen our already flourishing trade partnership with Kenya and contribute to sustainable economic growth,’ said European Council President Charles Michel.
Besides the trade agreement, the agreement also includes binding provisions on trade and sustainable development, such as climate and environmental protection and labour rights, as well as a transparent settlement mechanism. Above all, it will give many Kenyan producers the opportunity to enter the European market directly, without having to face prior and often binding costs.
The Belgian Minister of Foreign Affairs and Trade, Hadija Lahbib, also spoke on the agreement.
‘This agreement will strengthen our cooperation with Kenya, the economic centre of East Africa. Workers, businesses and traders on both sides will benefit from this shared commitment to sustainable development, including labour rights, the environment and climate action,' she said.
The agreement between Kenya and the EU also sets the stage for all East African Community (EAC) member states to join the agreement, as well as other countries on the continent.
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