Photo Courtesy of techcabal

Kenyan lawmakers have passed a preferential trade deal with the European Union (EU), ending a political flashpoint with neighbouring East African Community (EAC) partners who refused to adopt a joint deal in 2016.The Economic Partnership Agreement (EPA) will give Kenyan traders duty-free and quota-free access to the $13.9 trillion European market. According to the EU, total trade with Kenya reached $3.5 billion in 2022, representing a 27% jump from 2018.

Under the terms of that deal, Kenya will gradually lower duty on imports from the EU within the next 25 years and incentivise European companies to set up in the country. The trade agreement obligates the Kenyan government to maintain international labour standards. It also includes provisions on climate change.

Read More: https://techcabal.com/2024/04/25/kenyan-parliament-passes-historic-eu-free-trade-deal/