Kenya and the European Union signed the Kenya-European Union Economic Partnership Agreement in Nairobi on Monday, reaffirming their commitment to enhance economic cooperation.
The signing ceremony was attended by Kenyan President William Ruto and EU Commission President Ursula von der Leyen at the State House.
President Ruto said the agreement will boost trade between Kenya and the 27 EU countries.
He said Kenya will have duty and quota-free access to the EU market once the agreement is ratified by the European Parliament.
Ruto said this will open up a €16trn market for Kenya and stimulate the growth of manufacturing, value addition, and entrepreneurship in the country.
He said this will also accelerate the country’s Bottom Up Economic Transformation Agenda by creating more opportunities and income for the people.
“This arrangement is about putting real money into the pockets of ordinary people,” he said, adding: “This is a great day for the hardworking hustlers who contribute to job creation, innovation, and value addition through the micro-small and medium enterprises and small businesses.”
The Kenyan President also said the agreement will pave the way for other East African Community partners to sign similar deals with the EU.
He said the agreement will show the world that Kenya is ready to produce and export high-quality products. He said the agreement will attract investments in innovation, capacity development, and value addition, among other sectors. “I hope this ceremony will mark the start of investment in other manufacturing areas, such as chemicals, pharmaceuticals, medical supplies and equipment,” Ruto said. “The government will ensure that the country’s products meet the EU standards.”
