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Govt to sign EU trade agreement
23 Nov '07
1 min read
In order to save the export industry, Government of Kenya has finally decided to sign the controversial economic partnership agreement (EPAs) with the European Union.
If the signing of the agreement to be done on November 23 is neglected, Kenya is likely to lose export business worth KSh60 billion and it might also affect 1.5 million dependent workers.
Trade and Industry Ministry also reiterated that failure to sign the agreement can cause the Government to lose out on direct and indirect taxes amounting to KSh2 billion.
The country may even to lose more than KSh65 billion ($1 billion) in investments in areas like farm inputs and agro-chemicals.
The agreement encloses a market access proposal with a schedule of more than 1,500 tariff headings whose enforcement will be realized over the next 25 years.
In spite of strong opposition from NGOs, the Government sticks to the decision of signing the agreement with the hope that it will safeguard exports of Kenya from the stiff competition given by Morocco, Israel and Latin American countries.
As a matter of fact, a decline in exports may even hamper economic development strategies that the Government plans to implement in the future.
If the signing of the agreement to be done on November 23 is neglected, Kenya is likely to lose export business worth KSh60 billion and it might also affect 1.5 million dependent workers.
Trade and Industry Ministry also reiterated that failure to sign the agreement can cause the Government to lose out on direct and indirect taxes amounting to KSh2 billion.
The country may even to lose more than KSh65 billion ($1 billion) in investments in areas like farm inputs and agro-chemicals.
The agreement encloses a market access proposal with a schedule of more than 1,500 tariff headings whose enforcement will be realized over the next 25 years.
In spite of strong opposition from NGOs, the Government sticks to the decision of signing the agreement with the hope that it will safeguard exports of Kenya from the stiff competition given by Morocco, Israel and Latin American countries.
As a matter of fact, a decline in exports may even hamper economic development strategies that the Government plans to implement in the future.
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