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Kenya faces revenue, job losses as House ratifies UK trade deal March 12, 2021 By DAVID MWERE Kenya is staring at massive losses in revenue following the ratification of the Economic Partnership Agreement with the United Kingdom. The National Assembly ratified the EPA on Tuesday, opening the local market to about 1,934 products from the UK, whose import tariff will either be lowered or zero-rated. The pact, which expires in 25 years, has been adopted at a time the country is facing challenges in financing its obligations. Although the EPA allows for gradual and partial reduction of tariffs, from 95 per cent of the basic duty followed by total elimination, fears abound that a majority of imports are likely to be subjected to zero duty at the point of entry. ....
The East African Thursday March 11 2021 Workers make garments at EPZ firm Hela Intimates in Athi River on December 17, 2020. PHOTO | FILE | NMG Summary The deal opens the local market to about 1,934 products from the UK, whose import tariff will either be lowered or zero-rated. Pact adopted when the economy is in doldrums, owing to the Covid-19 pandemic. Advertisement Kenya is staring at massive losses in revenue following the ratification of the Economic Partnership Agreement with the United Kingdom. The National Assembly ratified the EPA on Tuesday, opening the local market to about 1,934 products from the UK, whose import tariff will either be lowered or zero-rated. ....
Kenya Private Sector Alliance (Kepsa) Chairman and Head of the East African Business Nicholas Nesbitt said the change in administration in Washington is an opportunity for local companies to create more jobs by accessing one of the largest consumer markets in the world. “We hope and pray that President Biden will push and encourage the free trade agreement, and we should revive the discussions around the EAC (East African Community)-US trade and investment partnership,” said Mr Nesbitt. President Uhuru Kenyatta and US Ambassador to Kenya Kyle McCarter. [PSCU] President Uhuru expressed the same optimism while bidding farewell to the outgoing US Ambassador to Kenya Kyle McCarter. ....