Kenya expects to increase its export volume and realize higher income for producers following the signing of a trade deal with the European Union.
Speaking during the signing of the Kenya –European Union Economic Partnership Agreements (EPAs), President William Ruto said the deal will strengthen the two-way trade between the two and establish new investments.
EPAs is also expected to add value on items being traded between Kenya and the EU.
“The landmark Kenya-European Union Economic Partnership Agreements signals to the globe that we are ready to manufacture and export high-value products to the world. It opens the mega, lucrative and premium EU market for Kenyan products, creating and expanding opportunities for our businesses and exporters,” said President Ruto.
The president said the bilateral trade partnership will negotiate a framework for the delivery of the Bottom-Up Economic Transformation Agenda by connecting entrepreneurs with transformative opportunities in one of Kenya’s biggest export market.
President of the European Union, Ursula Von Der Heyer, said this is an opportunity to boost export tremendously and this will create opportunities since Kenya is the European Union’s first export destination and second largest trading partner.
“This bilateral trade agreement will give you an incentive to scale up as it provides very crucial safeguards for agriculture and food security and for us as the EU, it will strengthen the supply chain and diversify them, we aim to deepen the trade ties with Kenya as the trendsetter,” said Ursula.
The European Union accounts for 21pc of the Kenya’s total exports to Europe valued at over Ksh 200 billion.
