The Economic Partnership Agreement (EPA), which was signed in December 2020 and ratified in March 2021, will be used by the nation to spur investment. For an EPA and investment meeting, a delegation headed by Moses Kuria, the Cabinet Secretary for Investments, Commerce, and Industry, will travel to London this week.
Following Brexit, the partnership paves the way for continued trade between Kenya and the UK and gives Kenyan exports, particularly those related to horticulture, duty-free access to the UK market.
The provision of complete duty-free and quota-free market access conditions for goods originating in the EAC Partner States into the UK market on a secure, long-term, and predictable basis will be one of the meeting’s main goals.
In order for Kenya to fully benefit from the EPA, it also aims to maintain and enhance market access conditions.
A statement from the Ministry of Investments Trade and Industry reads in part, “EPA provides a good framework for strengthening the strategic cooperation between Kenya and the UK in the areas of trade, investment, research, innovation & development at both government and private sector level.”
Kenya’s CS Moses Kuria will present bankable investment opportunities worth $18 billion (or roughly Sh2.3 trillion) to UK investors that have already been packaged by the Kenya Investment Authority.
The forum will serve as a forum for discussing ways for the two nations’ economic ties and mutual prosperity to grow.
In the four quarters leading up to the end of Q3 2022, the UK-Kenya total trade in goods and services (imports plus exports) was £1.1 billion (Sh154 billion), according to the UK Department of Business and Trade.
In comparison to the four quarters leading up to the end of Q3 2021, total UK exports to Kenya during the period totaled £521 million (Sh73.2 billion), a decrease of 2.4 percent or £13 million (Sh1.8 billion).
In the four quarters leading up to the end of Q3 2022, UK imports from Kenya totaled £627 million (or $88.1 billion), an increase of 14.8% from the four quarters prior.
Following discussions in March 2022 and the trade and business environment roadshow in the UK, Kenya, and the UK have started working on market access and business environment issues through the EPA.
Kisumu Governor Peter Anyang Nyong’o will be among those traveling with Kuria, who will be leading the delegation to the London talks.
The delegations from both nations will witness the signing of an investment partnership worth Sh. 30 billion between United Green and the County government of Kisumu as part of the four-day investor engagement.
The British government has so far committed millions of pounds in funding to Kenya as part of renewed efforts to expand business and investment ties between the two nations.
The forum’s focus will be on fostering and promoting business relationships between Kenya and the UK.
By increasing UK investment in value addition activities in Kenya and supporting the “Made in Kenya” brand, the UK is eager to assist Kenyan exporters of agricultural produce to the UK, which are currently worth over £300 million annually (Sh46 billion).
Through a Ministerial Council meeting on the Economic Partnership Agreement scheduled for March 21 in London, the forum is being held.
Senior government and business leaders from Kenya, the UK, and other countries are represented among the participants, including principal secretaries and chief executives of various relevant government agencies.
