EU hails Kenya’s economic partnership agreement

The European Union is focusing on expanding the reach of the Economic Partnership Agreement (EPA) within the East African Community (EAC) in a bid to boost trade and economic growth in the region. In a recent interview with CNBC Africa, Koen Doens, EU Director General for International Partnerships, highlighted the significance of the EPA and its potential to revolutionize East Africa's economy. The EU is particularly keen on persuading more EAC countries to sign up for the agreement, which has been lauded as a game changer for the region. One of the key points emphasized by Doens was the existing duty-free and quota-free access that Rwanda enjoys in the European market. This access is extended to all least developed countries under the 'everything but arms' regime, including Rwanda due to its LDC status. However, for countries like Kenya, which have transitioned to middle-income status, securing such access requires a formal agreement like the EPA. The EPA between the EU and EAC has been negotiated and signed, awaiting ratification on the European side. However, a hiccup arose due to an issue with one EAC member country, which stalled progress. Despite this, the urgency to move forward with Kenya led to an agreement allowing Kenya to proceed with the EPA. Executive Vice President Dombrovskis's recent visit to Nairobi marked a milestone in implementing the agreement, setting the stage for other EAC members to follow suit. Doens expressed hope that Kenya's advancement with the EPA would create momentum for the remaining EAC countries to join, facilitating a comprehensive agreement between the EU and the entire community. The EU's objective remains focused on formalizing an EPA with the EAC collectively, while assuring that Rwanda's duty-free, quota-free access to the EU market remains unaffected. In terms of strategic trade advantages, the EPA offers a pathway to free trade with the EU, providing crucial market access for products manufactured within the region. The agreement is poised to bolster intra-regional production and trade, elevating the competitiveness of East African goods in the European market. With preferential access secured, businesses in the region stand to benefit significantly from expanded trade opportunities and enhanced market penetration. The EU's commitment to promoting economic integration and trade facilitation within the EAC underscores a shared vision for sustainable development and prosperity. By championing the EPA and encouraging broader participation from EAC members, the EU aims to foster economic growth and resilience in East Africa, paving the way for a more prosperous future.