UAE and Kenya Conclude Negotiations on Comprehensive Economic Partnership Agreement
The UAE and Kenya have concluded negotiations on a Comprehensive Economic Partnership Agreement (CEPA).
The two countries reached a final agreement on the terms of the deal, which will be signed at a later date.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Her Excellency Rebecca Miano, Cabinet Secretary for Trade, Investment and Industry in Kenya have signed the agreement.
While a joint statement was issued to announce the completion of the negotiations.
The CEPA aims to enhance trade and investment relations between the two countries and achieve mutual economic growth.
It is the latest in a series of CEPAs that the UAE has signed with key trading partners.
Growing Trade Momentum Between UAE and Kenya
The agreement builds on the growing trade momentum between the UAE and Kenya.
Non-oil trade between the two countries grew by 26.4% in 2023 to reach over $3.6 billion.
This compares to $2.4 billion in 2022, $2.2 billion in 2021, and $1.8 billion in 2020.
The rising non-oil trade between the UAE and Kenya reflects the promising prospects for trade relations between the two countries.
Moreover, the CEPA will provide a platform for long-term partnerships between the business communities of the two countries.
It will also improve their access to each other’s markets and the surrounding region.
Access to Important Markets
Foreign trade is a key driver of economic growth and comprehensive development in Kenya.
The CEPA with the UAE will play a major role in Kenya’s national development plans.
As it will provide access to important markets in Asia and the Middle East.
It will also attract investment that will help to develop the Kenyan economy.
Mentioning that the Kenyan economy is one of the most promising economies in Africa.
The services sector accounts for 53.6% of Kenya’s gross domestic product.
While the agricultural sector accounts for about a quarter of its GDP.
This presents a number of opportunities for UAE companies looking to expand into Africa.
About The UAE’s Comprehensive Economic Partnership Agreement Program
The UAE’s Comprehensive Economic Partnership Agreement Program was launched in September 2021.
It aims to expand the network of UAE trade and investment partners on the international trade map.
His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, sent a congratulatory telegram to Emperor Naruhito, Emperor of Japan, on the occasion of his birthday. pic.twitter.com/9VyLfe75YP
— UAE Voice (@uae_voiceeng) February 23, 2024
The program has had a positive impact on the UAE’s non-oil trade in goods and services.
Which reached a high record of over AED 3.5 trillion at the end of 2023.
This growth was particularly strong with countries that have already signed and implemented CEPAs with the UAE.
The UAE-Kenya CEPA will further boost trade and investment between the two countries.
It will also contribute to their economic growth and development.
Read Also:
The UAE Supports the Gulf Tourism, But How ?
