UAE announced their intention to start negotiations on a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Kenya in a joint statement signed in Nairobi by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade.
The signing was attended by Betty Maina, Cabinet Secretary, Ministry of Industrialisation, Trade and Enterprise Development of Kenya, Dr. Khalifa Al Raisi, Chargé d’Affaires of the UAE Embassy in Kenya.
In their first bilateral trade deal, the UAE-Kenya CEPA will deepen trade and investment ties between Africa and the Middle East and boost the overall value of non-oil bilateral trade between the UAE and Kenya, which rose to $2.3 billion last year.
This creates new opportunities for importers and exporters, enabling the African country to make use 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,” said Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade.
“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,” he adds.
The country’s economy forecasts growth of 5.5 percent this year from 7.5 percent in 2021, with the slowdown reflecting inflation and impact of Ukraine crisis weighing on global markets.
As part of UAE’s Projects 50 initiative, this follows a series of CEPAs including India, Israel and Indonesia to accelerate the UAE as a global business hub for investors and talent.
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