President Wiliam Ruto on Monday December 18 inked a Kenya-European Union Economic Partnership Agreement at State House, Nairobi.
At the time the President signed the agreement alongside the European Union Commission President Ursula Von Der Leyen which according to Ruto is a partnership that will see Kenya manufacture and export high-value products to the world.
Notably, the trade pact, which is the first with a developing country, is set to spur the European Union investment to Kenya while also guaranteeing higher earnings for Kenya’s products.
“The landmark Kenya-European Union Economic Partnership Agreement signals to the globe that we are ready to manufacture and export high-value products to the world,” said Ruto.
On her part, the EU President said: “Kenya is a key partner for the European Union in Africa. The new Economic Partnership Agreement will boost bilateral trade even further, support investments and create good jobs in Kenya.
This agreement will also contribute to sustainable and fair economic growth, bringing new opportunities for companies, to the benefit of both our people.
It includes the strongest social and climate commitments of any EU trade deal with an African country.”
Ruto Signs Lucrative Trade Deal
According to the head of state, the trade deal will benefit the micro- small-scale producers in Kenya while it contributes to job creation.
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“Today, therefore, is a great day for the hard-working hustlers who often make their contribution to job creation, innovation and value addition through micro-small and medium-sized enterprises and small businesses,” said Ruto.
Meanwhile the President while acknowledging the micro scale farmers noted that the Kenya European Union partnership is strategic in that the 27 member countries of EU will be able to purchase food items from small scale famers in Kenya.
“I am talking about the unassuming lady in Kieni who rises every day without fail to tend to her little shamba of snow peas, which eventually cross seas and find their way to European dinner tables,” said Ruto.
Ruto also noted that it is the interests, aspirations, hopes and dreams of the micro small-scale famers and many others.
Further noting that they have inspired the government’s determined urge to proceed beyond the Kenya-EU Strategic Dialogue, to the successful delivery of the Economic Partnership Agreement.
European Market Contribution to Kenya
Similarly, while receiving the agreement, Ruto also acknowledged European market contribution into the Kenyan economy.
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He also noted the variety of goods traded between the EU and Kenya underscores the potential of the bilateral trade framework to deliver trade and investments of volumes as well as diversity.
“The EU’s 27-member, 16 trillion-euro market, contributed 17% of the global GDP and is one of Kenya’s biggest trading partners, whose exports to our market now amount to USD 2.1 billion,” said Ruto.
On the other hand, according to Ruto, the EU is not just a giant, lucrative market, but also a premium market whose demand guarantees higher earnings for Kenyan products and will drive the country’s export production to higher levels of competitiveness.
Deputy President Rigathi Gachagua and Prime Cabinet Secretary Musalia Mudavadi were among top government officials who witnessed the signging of the deal.
Also present at the event was Spain Secretary of State for Trade Xiana Margarida Mendez Bertolo, EU Ambassador to Kenya, Cabinet Secretaries and Governors.
