Kenyan goods such as horticulture, tea, and fruits, among others, will soon access the European Union (EU) market duty-free, helping boost exports to the huge market.
This comes after the Kenyan government and EU signed an economic partnership agreement at State House, Nairobi, on Monday.
Under the deal, Kenya’s products will enjoy preferential tax treatment in the union with 27 countries.
“There is a strong appetite for boosting trade and partnership in both the two regions. We have the right platform to do so,” said EU Vice President Frans Timmermans.
The visiting EU delegation observed that Kenya and the EU are aligned on many global issues and have strong ambitions for trade and sustainable development.
Did you read this?
The European Union Vice President further revealed that already €3.4 billion has been mobilized to support over one hundred and fifty projects in the country, including renewable energy, electric car mobility, and a sustainable agricultural value chain.
He added that a further €500 million has been mobilized to support connectivity for jobs and skills and digital governance.
“We are looking forward to good gratification by the Kenyan parliament and the European Union”, said Trade and Investment Cabinet Secretary Moses Kuria.
President William Ruto, who presided over the signing of the agreement, observed that the partnership will have a far-reaching effect on the country's economic transformation.
“It assures a stable market for industrialists and for our farmers. The agreement is also designed to stimulate investment and manufacturing."
