Here are Details of EU-Kenya Economic Agreement that Ruto Signed to Cut Duty on Imports

• Kenya and European Union (EU) signed the Economic Partnership Agreement (EPA) to improve imports and exports between the trading partners
• President William Ruto said the deal gives Europen products a guaranteed reduction in import duty for the next 25 years
• Ruto urged European investors to take advantages of Kenya’s manufacturing sector to grow value for Kenya’s exports to EU market

Kenya has inked a deal with the Europen Union that will enhance imports and exports between the two trading partners.

President William Ruto signed the agreement that slashed import duty on EU market products to Kenya for the next 25 years.

Contents of EU-Kenya EPA

Speaking at State House Nairobi on Monday, June 19, Ruto said the deal will stimulate and strengthen manufacturing in the country.

“In recognition of our varied stage of progree, products from the EU will progressively receive duty reductions of over a period of 25 years.

“The agreement is designed to stimulate investmate and manufacturing. Kenya is prepared to strengthen its manufacturing sector to enhance our exports to EU,” said Ruto, as quoted by KTN News.

Ruto invited European investors to take part in Kenya’s manufacturing sector, create value for the country’s exports and help put money into the farmers pockets.

“We are finally ready to take our place as a global player in export-led manufacturing and services. I encourage European exporters to invest in Kenya’s products value edition.

“We will enhance our exports because we have an assure market and also improved manufacturing and value addition… to put more money in our farmers pockets,”he said.

The deal offers tariff-free quota-free access of Kenyan exports to the European Union, which has a population of about 500 million people.

According to to the President’s Press, the move also sets the stage for the initiation of the East Africa Community (EAC) member states into the EPA.

Kenya Economic Partnership with UK

This followed the UK-Kenya Economic Partnership signed on Tuesday, March 11, 2023, in London.

Trade Cabinet Secretary Moses Kuria and UK Minister for International Trade Nigel Huddleston led the delegation in signing the deal.

The agreement aimed at securing jobs, increasing economic growth, and supporting agricultural development and manufacturing in Kenya.

It was to increase the trade volume between the two countries, which currently stands at KSh 167 billion (£1.1 billion) per annum.

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Source: TUKO.co.ke