The United Arab Emirates (UAE) has finalised negotiations for a trade deal with Kenya aimed at enhancing investment between the two regions.
Trade Cabinet Secretary Rebecca Miano announced the commencement of talks for a Comprehensive Economic Partnership Agreement (CEPA) on Friday, February 23.
Speaking after the conclusion of the talks, UAE’s Minister of Foreign Trade Thani bin Ahmed Al-Zeyoudi described the new agreement as marking a significant milestone.
"Kenya's services sector, which accounts for 53.6 per cent of Kenya’s economy, and agriculture sector, comprising around a quarter of the national GDP, offer vast potential for UAE businesses looking to expand into the region," Al-Zeyoudi commented.
Since signing its first bilateral trade agreement with India in 2022, Kenya has emerged as the first African country to negotiate this partnership deal.
If the deal sails through, investments in the infrastructure, ICT, and logistics sectors, will receive a significant boost. Additionally, it will expand the platform for cooperation and expansion of small and medium enterprises on both sides.
“It is a testament to our commitment to strengthening economic ties with the African continent and to creating new opportunities for businesses and investors in both of our countries," Ahmed Al-Zeyoudi added.
According to him, the deal will not only boost trade and investment but also foster innovation and sustainable growth in Kenya's key sectors.
“We look forward to deepening our relationship with Kenya and to further expanding our presence in Africa as a trusted partner and investor," he further clarified.
So far, only India, Israel, Cambodia, Turkey, and Indonesia have signed the trade deal.
On her side, CS Miano noted that Kenya is looking forward to the implementation of the deal and the mutual benefits it is set to deliver.
"The Comprehensive Economic Partnership Agreement with the United Arab Emirates will play a key role in these efforts, enabling our exports to reach important markets in Asia and the Middle East, and also in stimulating the investment inflows that will further develop our national capabilities," CS Miano stated.
