Nairobi, Kenya – (African Boulevard News) – Kenya has signed a trade deal with the European Union (EU) in a significant victory for Brussels as it strives for stronger economic connections in Africa amidst competition from China. The deal is intended to encourage trade and investment between the two regions, and reflects a desire to focus on rules-based trade and sustainable development.
The agreement was signed during the EU-African Union Business Forum held in Nairobi, with representatives from both parties describing it as a milestone in their relationship. The Kenyan President, Uhuru Kenyatta, emphasized that the deal would enable Kenya to expand its exports to European markets, leading to greater economic growth and social welfare for Kenyans.
“The agreement we have signed today is a testament to our collective aspiration to deepen and widen Africa’s trade and integration with the European Union, bringing us closer to a sustainable and prosperous future for all,” said President Kenyatta.
Under the agreement, the two regions will reduce tariffs on a range of products, including agricultural goods, whilst also improving the quality of trade relations and strengthening regulatory cooperation. This will reduce costs for businesses whilst increasing overall trade, allowing Kenya to be more competitive in the European market.
European Union Commissioner for Trade, Phil Hogan, added: “Kenya and the European Union have a long-standing partnership, based on shared values and priorities. Today’s agreement is a win-win for both sides, and it will help to strengthen our economies and create jobs.”
This new trade deal is expected to have wider implications for Africa and the continent’s economic relationship with Europe. It marks a shift away from a donor-recipient relationship model towards a mutually beneficial trade partnership, which could provide a blueprint for future EU-Africa relations.
Although doubts still remain about the impact of the EU deal on Kenya’s own industries and the pros and cons of free trade, this agreement is undoubtedly a significant step in the direction of mutually beneficial economic relationships and sustainable development.
