Kenya Takes Center Stage in Trade Deal with EU, Boosting Exports and Eyes FDIs Kenya's the big winner in a landmark trade pact with the European Union, paving the way for duty-free access to a massive market and promising a shot in the arm for its export ambitions. Kenya has officially signed the Economic Partnership Agreement (EPA) with the EU, opening up duty-free access to its 27-member market (except arms). The deal is a significant boon for Kenyan agriculture, with vegetables, fruits, and flowers expected to flourish in the EU market. Kenya aims to attract Foreign Direct Investments (FDIs) in manufacturing, especially in areas like chemicals, pharmaceuticals, and medical supplies. This bilateral agreement comes after years of stalled negotiations within the East African Community (EAC). Kenya hopes to close its hefty trade deficit by increasing exports and attracting FDIs. While the EU market's vastness is enticing, concerns linger about its impact on local industries. The gradual opening to EU imports could pose challenges for some domestic manufacturers. As a country, Kenya needs to ensure it leverages the EPA to strengthen its own industries and compete effectively. #EU #FDI (Story Courtesy of The Star )
