President Uhuru Kenyatta has said trade agreements between the European Union and Africa, Caribbean and Pacific states should be balanced and mutually beneficial deals.
Speaking in his meeting with the European Union delegation led by commissioner for International Partnerships Jutta Urpilainen, President Kenyatta said it is important to promote deals in which each party feels satisfied.
“The key is to advance mutually beneficial and inclusive agreements that are agreeable and takes care of the interests of both parties. We need a scenario where everyone feels like a winner,” the President said soon after he took over the ACP presidency.
President Kenyatta further noted that the 9th ACP Summit also underscored the need to promote multilateralism in the World Trade Organisation and called on 12th WTO Ministerial Conference in Kazakhstan in June 2020 to provide meaningful direction to WTO on the preservation of Multilateral Trading System.
Speaking during the closing ceremony of the summit on Tuesday, Uhuru said many business-to-business partnerships were established during the conference, and the ACP exhibition village gave participating states some insight into the diversity and richness of the investment potential of ACP countries.
The summit endorsed the negotiations for a new 20-year ACP-EU partnership that will be signed next year, with the aim of promoting the integration of ACP States into the global economy.
According to the European Commission, trade with ACP countries represents more than five per cent of EU imports and exports. The EU is a major trading partner for ACP states, and is the main destination for agricultural and transformed goods from ACP partners. The EPAs intend to support trade diversification by shifting ACP countries' reliance on commodities to higher-value products and services.
The majority of ACP countries are, however, either implementing an Economic Partnership Agreement with the EU and Kenya is stuck because of EAC politics.
Commissioner Urpilainen said the EU will continue supporting Kenya to achieve its development goals, including the Big Four agenda.
“We can work together to see how we can enhance European investments in Kenya and the ACP in general,” Urpilainen said.
She added that the EU is keen on supporting Kenya harness the entrepreneurial potential of its youth by supporting business start-ups and the micro, medium and small enterprises.
