Wednesday, May 22, 2024

Kenya -EU Commission Sign Major Trade Partnership

Monday-December-18-2023-{HMC} Kenya and the European Union have signed an agreement that seeks to enhance economic collaboration.

President William Samoei Ruto said the Kenya-European Union Economic Partnership Agreement will boost trade between the two parties.

Kenya will now enjoy duty and quota-free access to the European market when the agreement is ratified by the European Parliament.

He said access to the 16 trillion euro market, with a total of 27 countries, will stimulate the growth of manufacturing, value addition and entrepreneurship in the country.

This, he explained, will fast-track the realization of the country’s Bottom-Up Economic Transformation Agenda by expanding opportunities and increasing earnings.

“At the core of this arrangement is our aspiration to put real money into the pockets of ordinary people,” he said.

Adding: “Today, therefore, is a great day for the hardworking hustlers who often make their contribution to job creation, innovation and value addition through the micro-small and medium enterprises and small businesses.”

President Ruto and EU Commission President Ursula von der Leyden witnessed the signing of the Agreement at State House, Nairobi.

The Head of State also said the agreement “opens the door for East African Community partners” to sign similar agreements with the European Union.

The signing of the agreement, he added, is a signal to the world that Kenya is ready to manufacture and export high-value premium products.

He noted that the agreement will attract investments into innovation, capacity development and value addition, among other sectors.

“I trust that this ceremony will inaugurate the arrival of investment in other manufacturing areas, including chemicals, pharmaceuticals, medical supplies and equipment.”
The President said the government will put in place robust measures to ensure the country’s products meet the European standards.

The government is building 500 fresh produce markets and 47 county aggregation and industrial parks with cold rooms to preserve perishable agricultural products like vegetables and avocados and improve their quality so as to achieve the highest quality.

President Leyden said the agreement will strengthen Kenya’s export capacity and create jobs for the people.

“This agreement is fair and sustainable because it takes into account your need to open your market gradually,” she added.

She said Europe will provide the necessary agricultural machinery to boost Kenya’s production capacity.

Deputy President Rigathi Gachagua, Prime Cabinet Secretary Musalia Mudavadi, Spain Secretary of State for Trade Xiana Margarida Mendez Bertolo, EU Ambassador Henriette Geiger, Cabinet Secretaries, Governors, among others, were present.

{DHAGEYSO} Warka Habeenimo ee Hiiraanweyn 21-05-2024

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