President of the European Commission Ursula von der Leyen (left) and President William Ruto at State House ahead of the signing of a new trade agreement in Nairobi on December 18, 2023.
The National Assembly has approved the Kenya-European Union (EU) Economic Partnership Agreement (EPA), a trade, deal that guarantees traders access to the €13 trillion European market on duty-free (no taxes) and quota-free (unlimited exports) terms.
The EPA was signed in Nairobi last December in a ceremony witnessed by President William Ruto and EU Commission President Ursula von der Leyen.
The European Parliament had previously ratified the agreement, with more than 366 members, approving the trade deal.
The agreement also opens significant opportunities for the EU to trade and invest in Kenya.
The EU is Kenya’s second-largest trading partner, and its most important export market. Total trade between the EU and Kenya reached €3.3 billion in 2022, with an increase of 27 percent compared to five years before.
The EU’s imports from Kenya amount to €1.2 billion and are mainly vegetables, fruits, and flowers.
EU exports to Kenya amount to €2.02 billion, mainly in mineral and chemical products and in machinery.
The two trade and investment partners will now proceed to implement the agreement.
