New dawn as UK, Kenya sign strategic trade deal
Kenya and United Kingdom have signed a strategic Economic Partnership Agreement (EPA) after the conclusion of negotiations between the two countries.
State Department of Trade and Enterprise Development said the deal meant to secure the mutual interests after Brexit, replicates the effects of the East African Community’s EPA with European Union that facilitates exports, free of duties and quotas, to the European Union market.
“We have agreed on a comprehensive package of benefits that will ensure a secure, long term and predictable market access for exports originating from the EAC free trade area,” said Betty Maina, Industrialisation, Trade and Enterprise Development Cabinet Secretary.
Market access
It is envisaged that the partnership agreement will deepen the EAC integration by ensuring that exports from countries in the region continue to enjoy duty and quota free access to UK and EU markets, when the UK leaves EU on December 31.
The agreement is expected to enhance privileges for agricultural goods and confer originating status to EAC exports, including Kenya’s key flowers and fresh produce, even if they pass through any of the 27 EU countries.
Furthermore, the agreement recalls Kenya’s commitments within the framework of the World Trade Organisation and will support African countries to realise their dream of an African Economic Community under the Africa Continental Free Trade Agreement.
“We have a great opportunity ahead of us, to realise the mutual benefits that our two leaders, envisaged when they agreed on the need for a post-Brexit partnership framework,” said Maina.
The new framework covers a host of other issues including barriers to free flow of trade between UK and EAC countries, constraints to foreign direct investment, intellectual property, e-commerce and government procurement.
Manoah Esipisu, Kenyan High Commissioner to the United Kingdom said the deal is about securing and protecting the country’s annual £2 billion (Sh297 billion ecosystem of trade with the UK on which hundreds of thousands of jobs and millions of livelihoods depend.
“Delivery if this was our primary objective for the year and we are thrilled to be over the finishing line,” he said in the statement.
