As Brussels seeks strengthened economic ties with Africa, in the face of competition from China, Kenya, and the European Union have signed a trade deal to that effect. Kenyan President William Ruto presided over a ceremony in Nairobi on Monday to mark the formal conclusion of negotiations for the EU-Kenya Economic Partnership Agreement. Once ratified and entered into force, Kenya will receive duty-free and quota-free access to the EU, its biggest market, which receives roughly 20 percent of all its exports.
“Today is a very proud moment for Kenya, and I believe a very proud moment for the European Union,” Kenyan Trade Minister Moses Kuria said after signing the accord with EU Trade Commissioner Valdis Dombrovskis.
The EU is Kenya’s second-largest trading partner and Kenya’s most important export market. Total trade between the EU and Kenya reached €3.3 billion in 2022, with an increase of 27% compared to 2018. Kenya’s main exports to the EU are agricultural products, including vegetables, fruits, tea, and coffee. Also, more than 70 percent of Kenya’s cut flowers are destined for Europe.
It is the first broad trade deal between the EU and an African nation since 2016 and follows a spending spree by China on lavish infrastructure projects across the continent.
Source: aljazeera.com
Photo source: Dreamstime.com