(Ecofin Agency) - Kenya has reached a new trade deal with the UK. The document was initialed on Dec 8 in London between Betty Maina, Kenyan trade minister, and her British counterpart Ranil Jayawardena.

The new agreement seeks to guarantee free access to the British market for all companies operating in Kenya, including those from the UK. It will also benefit many of the 2,500 British companies that export goods to Kenya each year, including many suppliers of machinery and technical equipment, by guaranteeing them free access to the Kenyan market.

The signing comes as the UK and European countries continue to negotiate the terms of London's exit from the European Union (EU). Before the Brexit, the British authorities had embarked on a vast campaign to negotiate new trade agreements, particularly in Africa.

Kenya is one of the UK's main trade partners in Africa. London also hopes to become the continent's leading investor among the G7 countries by 2022.

The British market alone accounts for 43% of Kenya's total vegetable exports and at least 9% of cut flowers. Trade between the two countries is worth more than $1.8 billion annually.

“I am delighted that today we have signed a trade agreement with Kenya. This deal makes sure businesses have the certainty they need to continue trading as they do now, supporting jobs and livelihoods in both our countries,” said Ranil Jayawardena, the British trade minister.

“Today's agreement is also the first step towards a regional agreement with the East African Community, and I look forward to working with other members to secure an agreement to forge ever-closer trading ties,” he added.

Moutiou Adjibi Nourou