The Kenya-UK Economic Partnership Agreement: What You Need to Know
In November 2020, the Kenyan government announced that it had signed a new trade agreement with the United Kingdom (UK). The Kenya-UK Economic Partnership Agreement (EPA) aims to strengthen the economic ties between the two countries, which have historically been strong.
The EPA is essentially a free trade agreement that will allow for the free movement of goods and services between Kenya and the UK. It will also provide a framework for cooperation on a number of issues related to trade and investment.
So, what are some of the key features of the Kenya-UK EPA?
Tariff Reductions
One of the main benefits of the EPA is that it will see the gradual reduction of tariffs on goods traded between Kenya and the UK. This will make it easier and more affordable for businesses to trade with each other, boosting economic growth in both countries.
Rules of Origin
The EPA also includes rules of origin provisions, which will ensure that only goods produced in Kenya or the UK will be eligible for tariff reductions. This is designed to prevent third-party countries from taking advantage of the agreement.
Investment Protection
The EPA includes provisions to protect investments made by UK businesses in Kenya, and vice versa. This is intended to provide reassurance to businesses that their investments will be secure, and to encourage more investment in both countries.
Intellectual Property Rights
The EPA also includes provisions to protect intellectual property rights, such as patents, trademarks, and copyrights. This is important for businesses that rely on these rights to protect their products and services.
Environmental and Social Standards
The EPA includes commitments to uphold environmental and social standards, such as labor rights and sustainable development. This is intended to ensure that the benefits of the agreement are felt by all citizens, not just businesses.
In conclusion, the Kenya-UK Economic Partnership Agreement is a significant development in the relationship between these two countries. It has the potential to boost economic growth, encourage investment, and strengthen ties between Kenya and the UK. As both countries look to recover from the impact of the COVID-19 pandemic, the EPA is a timely and welcome development.
