NAIROBI, May 30 (Xinhua) -- The Council of the European Union on Thursday gave the final approval of the EU-Kenya Economic Partnership Agreement (EPA).
The EPA deal will preserve Kenya's long-term tax-free access to exports to the 27 countries in the EU bloc while gradually opening up her market for duty-free imports and investments from Europe.
"This will boost trade in goods and create new economic opportunities, with targeted cooperation to enhance Kenya's economic development," the EU said in a statement.
The EU is Kenya's top export destination and its second-largest trading partner, posting 3.6 billion U.S. dollars in trade in 2022, up 27 percent from 2018, according to EU statistics.
According to the EU, the EPA provides a platform to support job creation on both sides, along with targeted cooperation to enhance Kenya's economic development.
"The agreement will provide duty-free, quota-free EU market access to all exports from Kenya (except arms) as soon as it enters into force, as well as partial and gradual opening of the Kenyan market to imports from the EU," the statement said.
The agreement includes binding provisions on trade and sustainable development, such as climate and environmental protection and labor rights, and a transparent dispute resolution mechanism.
"This is the most ambitious economic partnership agreement the EU will have with a developing country when it comes to sustainability provisions," the statement said.
The agreement, which has already been approved by Kenya's National Assembly, will enter into force on the first day of the second month following the date on which the parties have notified each other of the completion of their respective internal procedures. ■