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EU-Kenya EPA Enters into Force: A Historic Milestone for Trade and Sustainability

Today,1st July 2024 marks a historic milestone in the EU-Kenya Strategic Partnership as the Economic Partnership Agreement (EPA) officially enters into force. This ambitious agreement promises to boost bilateral trade, stimulate investment, and foster sustainable economic growth for both regions.

Total trade between the EU and Kenya reached €3 billion in 2023 - an increase of 16% compared to 2018.

The Economic Partnership Agreement between the EU and Kenya was concluded in June 2023 and signed by both parties on 18 December 2023. {Read our Past article about the EPA Signing ,Dec 18th,2023 https://k254nairobinews.com/post.php?id=35  }

Kenya is East Africa's Main Economic Hub - and EU-Kenya trade relations have substantial growth potential with  commitments include binding provisions on labour issues, gender equality, environment and the fight against climate change.

The agreement aims at implementing the provisions the EU-East African Community (EAC) EPA, and it remains open to other EAC countries. The EPA and its ambitious commitments represent a crucial deliverable of the EU's 2021 Trade Policy Review and its trade policy with Africa, helping the EU deepen and expand its current trade agreements with African countries, and enhance their sustainability objectives.

A New Era for Trade and Economic Cooperation

The EU-Kenya EPA unlocks a plethora of opportunities for businesses and exporters in both regions. With full access to the EU market, Kenyan products can now reach a vast consumer base, expanding trade and increasing economic prosperity. The EPA also strengthens legal certainty and stability, incentivizing EU investment in Kenya and contributing to job creation and economic development.

Leading the Way in Sustainability

This agreement stands as the most ambitious deal negotiated between the EU and an African country in terms of sustainability. Its binding provisions on labor issues, gender equality, environmental protection, and climate change set a new standard for trade agreements globally. It serves as a testament to the commitment of both parties to responsible and sustainable economic development.

A Call to Action for Kenyan Stakeholders

The entry into force of the EPA presents a unique opportunity for various Kenyan stakeholders to seize the benefits and contribute to the nation's economic growth:

• Kenyan Traders: Embrace the vast EU market and leverage its potential to expand your business and reach new customers.
• Women Entrepreneurs: Take advantage of the EPA's focus on gender equality to access new markets, grow your businesses, and empower women in the economy.
• Youth: The EPA opens doors to new career paths and opportunities for entrepreneurship. Explore the possibilities and contribute to Kenya's economic future.
• Government: Continue to implement the EPA's provisions effectively, create a conducive business environment, and support Kenyan businesses in accessing the EU market.
• Media: Play a crucial role in raising awareness about the EPA, its benefits, and the opportunities it presents for various sectors of the Kenyan economy.
• Educational Institutions: Prepare the future workforce by incorporating the EPA's provisions into educational programs and equipping students with the necessary skills to thrive in the global economy.
• Climate Change Activists and Enthusiasts: The EPA's strong emphasis on environmental protection and climate action presents a platform for collaboration and advocacy. Engage with policymakers, businesses, and civil society organizations to ensure that trade and sustainability go hand in hand. Advocate for the implementation of climate-friendly practices in trade and production processes.

About the EU-Kenya EPA

The EU-Kenya EPA is a comprehensive trade agreement that covers a wide range of areas, including trade in goods, services, investment, intellectual property, and sustainable development. It aims to foster mutually beneficial economic relations, promote sustainable development, and strengthen ties between the EU and Kenya.

This is a call for the African Free Continental Trade Area (AFCFTA) to take keen Strategy into this opportunity as the EU deepen and expand its current trade agreements with African countries, and enhance their sustainability objectives.

{Read our Past article about the EPA Signing ,Dec 18th,2023 https://k254nairobinews.com/post.php?id=35  }

Editors Key Point Analysis-Conclusion

The entry into force of the EU-Kenya EPA is a momentous occasion that signifies a new era of cooperation, economic growth, and sustainable development. By seizing the opportunities presented by this agreement, Kenyan stakeholders can contribute to a prosperous and sustainable future for the nation.

Compiled by:

Muhoro Pius W.

Business,Energy,Climate and International Trade Editor

Email: editor@k254nairobinews.com

 

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