EU and Kenya sign free trade agreement in Nairobi
The EU and Kenya have signed their free trade and partnership agreement, which was finalized in the summer. EU Commission President Ursula von der Leyen also attended the ceremony in the Kenyan capital Nairobi on Monday.
Kenyan President William Ruto called the agreement "historic", while von der Leyen spoke of a "win-win situation". When the agreement comes into force, EU import duties for Kenyan goods will no longer apply. However, the East African country will gradually open its market to European companies.
The EU is Kenya's most important export market, more than 20 percent of its products are exported there, especially agriculturalproducts such as tea, coffee and flowers. The total trade volume between the EU and Kenya amounted to 3.3 billion euros last year. Above all, the EU also wants to promote investments by European companies in Kenya.
Von der Leyen called on other East African countries to join the agreement. The negotiations for the deal took years and were concluded in June. Efforts must now focus on the implementation of the agreement, said the EU Commission President.
The agreement still has to be ratified by the Kenyan and EU parliaments before it can enter into force. In a statement, the EU called the agreement the "most ambitious economic partnership" between the EU and a developing country. The agreement is also part of the EU's efforts to counter China's New Silk Road investment offensive.
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The omission of EU import duties for Kenyan goods under the free trade agreement is expected to significantly boost exports, as Kenya relies heavily on the EU as its most important export market. This agreement could potentially encourage more European companies to invest in Kenya, further fostering economic ties between the two parties. With the signing of this free trade agreement in Nairobi, the EU is hoping to strengthen its position against China's New Silk Road investment offensive.
Source: www.ntv.de
