Kenya has launched the Economic Partnership Agreements Council to facilitate trade with the UK.
In order to enhance commerce with the United Kingdom, Kenya has established the Economic Partnership Agreements (EPAs) Council.
The present EPA encompasses both goods trade and development cooperation.
Kenya’s Principal Secretary for Industrialization, Commerce, and Enterprise Development, Johnson Weru, said that the council and a committee of top officials would strive to extend trade between the two countries to include trade in services, as well as address competition policy and intellectual property rights.
“We want to see our physicians, attorneys, engineers, and other professionals deliver services under the agreement,” Mr Weru said.
An EPA Council recruited from other ministries will provide leadership and oversee the organization’s administration, implementation, and growth.
Jane Marriott, the British High Commissioner to Kenya, supported the initiative, adding that a financial services agreement was already in place. Prudential, a UK-based insurer, has already picked Nairobi as its African headquarters for the Nairobi International Financial Centre.
Ms. Marriot said that the EPA might be extended to the East African Community once the region’s discussions are completed.
The UK government is also working to improve access at Mombasa’s port and across the East African Community.
“The UK has spent over Ksh5 billion ($44 million) at the Mombasa port to assist cut turnaround times from 12 days to three days, ensuring that commodities move into and out of Kenya more swiftly,” Ms Marriott said. “And this is critical for the UK since Kenya supplies a major amount of the UK’s food, veggies, and flowers.”
Between 2015 and 2020, the United Kingdom was one of Kenya’s top five export destinations. It is also Kenya’s biggest single investor, with assets totaling more than £3 billion by 2020.
“Since the signing of the EPA a year ago, the trade balance has shifted in Kenya’s favor,” Ms Marriott said.
According to preliminary statistics through November 2021, Kenya sold to the UK items worth Ksh45.2 billion ($397.7 million), while importing from the UK cost Ksh30.2 billion ($265.7 million).
There is also considerable trade in services between the two nations, totaling well over £1.65 billion ($2.2 billion) in 2020.
The yearly value of Kenyan exports to the United Kingdom was Ksh39 billion ($343.4 million), mostly from flowers, coffee, tea, fruits, vegetables, and textiles.
Leave a Reply