UAE and Kenya Conclude Negotiations on Comprehensive Economic Partnership Agreement.
Riyadh: The UAE and Kenya have finalized negotiations on a trade agreement aimed at enhancing investment flows in logistics, healthcare, and travel and tourism between the two nations.
According to a press release, the Comprehensive Economic Partnership Agreement will improve market access for businesses on both ends. Investments in infrastructure and ICT sectors are expected to benefit significantly, with provisions for small and medium enterprise cooperation and expansion.
Kenya’s economy saw real annual GDP growth of 5 percent in 2023, up from 4.8 percent in the previous year. The services sector, constituting 53.6 percent of Kenya’s economy, and the agriculture sector, accounting for approximately a quarter of the national GDP, present substantial opportunities for UAE businesses seeking to enter the region.
Thani bin Ahmed Al-Zeyoudi, the UAE’s Minister of Foreign Trade, hailed the agreement as a “significant milestone” in the country’s trade program, emphasizing its role in strengthening economic ties with Africa and creating new opportunities for businesses and investors in both nations.
He stated, “The UAE-Kenya CEPA will not only enhance trade and investment but also promote innovation and sustainable growth in key sectors such as agriculture, technology, and tourism. We are eager to deepen our relationship with Kenya and expand our presence in Africa as a reliable partner and investor.”
Rebecca Miano, Kenya’s Cabinet Secretary for Investments, Trade, and Industry, underscored her government’s commitment to leveraging international commerce for economic growth and transformation. She emphasized the CEPA’s importance in facilitating exports to vital markets in Asia and the Middle East while stimulating investment inflows to enhance national capabilities.
Miano remarked, “The Comprehensive Economic Partnership Agreement with the United Arab Emirates will play a crucial role in these endeavors. We anticipate its implementation and the mutual benefits it will bring.”
In 2023, the UAE’s non-oil trade in goods reached a record high of $710 billion, marking a 12.6 percent increase over 2022 and a 34.7 percent surge compared to 2021. The UAE has already finalized 10 CEPAs, including agreements with India, Israel, Indonesia, Türkiye, Georgia, and South Korea.
