UAE and Kenya Finalise Terms of Comprehensive Economic Partnership Agreement

UAE and Kenya Finalise Terms of Comprehensive Economic Partnership Agreement 

The United Arab Emirates and Kenya have successfully concluded negotiations on a Comprehensive Economic Partnership Agreement (CEPA), heralding a new era of trade relations between the two nations. This agreement aims to fortify crucial East and West supply chains, stimulate investment in priority sectors, and facilitate market access for businesses from both regions.

Source: WAM

The CEPA is poised to exert a substantial positive influence by accelerating investment inflows into key sectors such as logistics, healthcare, travel and tourism, infrastructure, and ICT. Furthermore, it will serve as a platform for fostering cooperation and expansion among small and medium-sized enterprises (SMEs) on both ends.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, remarked, "The UAE-Kenya Comprehensive Economic Partnership Agreement represents a significant milestone in our CEPA program. It underscores our dedication to bolstering economic ties with the African continent and creating fresh opportunities for businesses and investors in both nations."

Rebecca Miano, Kenya’s Cabinet Secretary for Investments, Trade and Industry, emphasized, "Kenya views trade as a pivotal driver of economic growth and transformation. Our national development agenda is geared towards enhancing industrial output, improving the quality and global competitiveness of our products, and expanding export opportunities. The CEPA with the UAE will play a pivotal role in these endeavors, enabling our exports to access crucial markets in Asia and the Middle East, while also attracting investment inflows to bolster our national capabilities."

Kenya, touted as one of Africa's most promising economies, witnessed its real GDP growth accelerate from 4.8% in 2022 to an estimated 5% in 2023. Projections suggest that real GDP will expand between 4.5% and 5.2% in 2024. Notably, Kenya's services sector, constituting 53.6 percent of its GDP, and its agriculture sector, which contributes approximately a quarter of the national GDP, present abundant opportunities for UAE businesses seeking expansion in the region.

Foreign trade remains a cornerstone of the UAE's economic agenda. In 2023, the UAE's non-oil trade in goods surged to a record high of $710 billion, marking a 12.6% increase over 2022 and a remarkable 34.7% surge compared to 2021.

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