President William Ruto says trade and investment between Kenya and at least 27 European Union States is expected to improve after the National Assembly on Wednesday ratified the Kenya-EU Economic Partnership Agreement.
Speaking during the opening of the New Bunge Towers, Ruto said the long-negotiated trade pact is set to increase the flow of goods between the two markets.
The Economic Partnership Agreement will give Kenya duty-free and quota-free access to the EU, its biggest export market, while European goods will receive progressive tariff reductions. The European Union Parliament consquently approved the Kenya-EU Economic Partnership Agreement signed in December last year.
The EU is Kenya's first export destination and second-largest trading partner, with a total of 3.3 billion Euros in bilateral trade in 2022 - an increase of 27% compared to 2018.
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