The United Kingdom and Kenya have recently secured a historic trade agreement that promises to bolster economic ties between the two nations. The deal, signed on December 8th, 2020, is expected to increase trade between the UK and Kenya by more than £1.4 billion ($1.8 billion) in the next five years.
The agreement provides preferential access for British businesses to the Kenyan market, reducing tariffs on a range of goods including clothing, footwear, and electronics. Likewise, Kenya will benefit from lower tariffs on key exports such as flowers, vegetables, and tea.
This deal represents a significant milestone for both countries. For the UK, the agreement marks its first major trade deal as an independent trading nation since Brexit. For Kenya, it is a major step towards expanding its exports and boosting its economy.
The two countries have already established a strong trading relationship, with the UK being Kenya`s largest export market for tea, flowers, and vegetables. However, the new agreement will further enhance this partnership by offering a platform for UK businesses to invest in Kenya`s growing tech and services sectors, creating new jobs and opportunities for both nations.
The deal also includes provisions to promote sustainable development and support small businesses, with a focus on women`s economic empowerment. It aims to ensure that trade is not just beneficial for big businesses but also for small and medium-sized enterprises that form the backbone of both economies.
Overall, the UK-Kenya trade agreement is a significant accomplishment that is expected to create a win-win situation for both countries. As the world continues to navigate through the challenges of the Covid-19 pandemic, this agreement offers new opportunities for economic growth and stability. It also serves as an example of how countries can work together to promote free and fair trade while advancing their shared interests.
