UAE, Kenya to sign Comprehensive Economic Partnership Agreement

The UAE and Kenya will soon start negotiations on a Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Betty Maina, Cabinet Secretary, Ministry of Industrialisation, Trade and Enterprise Development of Kenya, signed a Joint Statement in Nairobi announcing the CEPA.

According to state news agency WAM, the UAE-Kenya CEPA will be the first bilateral trade deal that the UAE seeks to sign with an African nation.

Such an agreement will deepen trade and investment ties between Africa and the Middle East and boost the total value of UAE-Kenya non-oil bilateral trade, which grew to $ 2.3bn last year.

Kenya and the UAE are ambitious growth markets with a strong start-up scene ?. From farming to technology, there’s an aspirational drive empowering our economies. Meeting business leaders in Nairobi showed the potential for forging new, high-value business partnerships ???? pic.twitter.com/zLOPQErC5B

— د. ثاني الزيودي (@ThaniAlZeyoudi) July 28, 2022

Both national aim to remove trade barriers on a wide range of goods and services, creating new opportunities for imports and exporters in both countries, and enabling Kenyan companies to leverage the value of the UAE’s geographic and logistical position.

“There is tremendous opportunity for closer economic integration between our two nations, especially in agriculture, tourism, infrastructure, technology and renewable energy. Announcing our intention to begin negotiations on the UAE-Kenya CEPA reflects our shared commitment to achieving greater economic progress through trade and investment. Our efforts to establish strategic economic partnerships worldwide through our CEPAs will fast-track our growth and prosperity for the next 50 years,” said Dr Thani Al Zeyoudi.

Kenya’s economy, the largest in East Africa, is forecast to grow 5.5 per cent this year from 7.5 per cent in 2021, with the modest slowdown reflecting headwinds pressuring global markets.

Tourism and agriculture remain among its most dominant sectors, although the country has a fast-growing financial services industry coupled with competitive manufacturing and ambitious plans for green technology.

High-level UAE-Kenya CEPA talks will begin in the coming months. They will follow the completion of three CEPAs this year, namely India, Israel and Indonesia, under the country’s ‘Projects of the 50’ initiative. This will help grow the national economy by 2.6 per cent by 2030, Dr. Thani had said earlier.

Read: UAE’s CEPA pacts to grow economy by 2.6% by 2030 – minister