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The European Union signed a trade agreement with Kenya, giving the nation duty- and quota-free access to the bloc, a long-negotiated deal it said is open for other East African countries join.
The economic partnership agreement has been under discussion for at least a decade. While Kenya agreed to a joint pact in 2016, four East African Community members — Burundi, Rwanda, Tanzania and Uganda — didn’t approve a regional deal. Except for Kenya, all EAC partner states are considered least developed countries and still enjoy duty-free and quota-free access to the EU market.
“This deal is open for other members of East African Community to join,” European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis said at a ceremony in the Kenyan capital, Nairobi. “The agreement between EU and Kenya is in fact a bilateral implementation of a regional agreement with Eastern African Community.”
…The pact will promote Kenyan agricultural exports and also encourage European companies to set up operations in the country to process raw materials. Kenya exports more than 70% of its flowers to the EU. The EU is Kenya’s second-largest trading partner with €3.3 billion ($3.61 billion) trade volumes in 2022, an increase of 27% compared to 2018, according to the bloc.
Here is more from Eric Ombok at Bloomberg.
The post Kenya development of the day appeared first on Marginal REVOLUTION.
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