Sharp Daily
No Result
View All Result
TALK TO US
Saturday, December 9, 2023
  • Home
  • News
    • Politics
  • Business
    • Investments
    • Economy
  • Technology
  • Opinion
  • Real Estate
  • Features
  • Appointments
  • Sports
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Investments
    • Economy
  • Technology
  • Opinion
  • Real Estate
  • Features
  • Appointments
  • Sports
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Kenya In Dilemma As UK Rejects Trade Tariffs

Sarah Wamaitha by Sarah Wamaitha
September 15, 2022
in News
Kenya UK trade

[Photo/ Courtesy]

Share on FacebookShare on Twitter

Kenya is now faced with new trade challenges following the post-Brexit deal and new trade tariffs which were passed by the East African Community (EAC) in which Kenya is a member state.

According to the UK, Kenya must abide by the terms of the Economic Partnership Agreement (EPA) signed on December 8, 2020, before it was approved by the UK parliament on March 5, 2021. The agreement was signed in London to guarantee that all businesses doing business in Kenya can continue to take advantage of duty-free access to the UK market.

Read: Kenya Set To Benefit From Africa’s First Real Estate Data Hub

UK argues that the recently increased tax rates within the EAC do not reflect the agreement Kenya reached with London and is requesting to be exempted from them. These new rates took effect on July 1 of this year. Products including iron and steel, food, oils, furniture, leather goods, and freshly cut flowers are all subject to the new tariff.

Kenya exported Ksh53.2 billion ($435 million) to the UK in 2020. Tea, cut flowers, and legumes accounted for the majority of Kenya’s exports to the UK, totalling Ksh17.4 billion ($141 million), Ksh13 billion ($108 million), and Ksh3.6 billion ($30.5 million). Kenyan exports to the UK have climbed over the past 25 years, from Ksh28.6 billion ($238 million) in 1995 to Ksh53.2 billion ($435 million) in 2020, at a yearly rate of 2.45 percent.

Read: Mugambi Nandi: How I Transitioned From Journalism Dream To Big Law Breakthrough In UK

Member states of the EAC agreed to a Common External Tariff (CET) agreement that would result in a 35 percent tariff increase for imports into the bloc on May 5. Fruits, nuts, sugar, confectionary, coffee, tea, spices, headgear, ceramic products, and paints are additional items that fall within the new CET tax bracket. Following Brexit, Kenya is attempting to reach a new bilateral trade agreement with the UK in an effort to support its economy after EAC partner nations were unable to reach an Economic Partnership Agreement with the EU.

Email your news TIPS to editor@thesharpdaily.com

Tags: EACTarrifTradeUK
Sarah Wamaitha

Sarah Wamaitha

Related Posts

Kindiki confirms recovery of 48 Worldcoin orbs and gadgets for forensic analysis
News

Parliamentary Committee to summon Interior CS Kindiki over North Rift insecurity

December 9, 2023
KQ Records Kshs 38.3 Billion Loss for FY’2022
Business

Kenya Airways announces flight disruptions for two weeks 

December 9, 2023
Government set to crack down unregistered colleges
News

Government set to crack down unregistered colleges

December 9, 2023
African nations call for clean cooking, seek support from developed countries
Economy

African nations call for clean cooking, seek support from developed countries

December 8, 2023
Not all govt parastatals up for privatization will be sold, Kimani Ichungwah
News

Not all govt parastatals up for privatization will be sold, Kimani Ichungwah

December 8, 2023
Uganda’s  Lato Milk Processor acquires Kenya’s Highland Creamers 
Business

Uganda’s  Lato Milk Processor acquires Kenya’s Highland Creamers 

December 8, 2023

TRENDING

Nairobi Securities Exchange (NSE)
Real Estate

Imara I-REIT Lists At NSE After CMA Announced Relaxation Of Rules

by Editor SharpDaily
November 2, 2022
China Square to open second store at Waterfront Karen
News

China Square to open second store at Waterfront Karen

by Brian Murimi
October 25, 2023
Infrastructure bond tap sale shows investor optimism and risk behaviour
Investments

Infrastructure bond tap sale shows investor optimism and risk behaviour

by Joshua Otieno
December 6, 2023
Seven partners leave Dalberg to form Afrocentric firm AXUM
News

Seven partners leave Dalberg to form Afrocentric firm AXUM

by Brian Murimi
October 5, 2023
Sharp Daily

© Sharp Daily - News, money, property, finance, tech and more.

Navigate Site

  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Investments
    • Economy
  • Technology
  • Opinion
  • Real Estate
  • Features
  • Appointments
  • Sports
  • About Us
    • Meet The Team

© Sharp Daily - News, money, property, finance, tech and more.