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2/27/24, 9:36 AM UAE And Kenya Finalise Terms Of A Comprehensive Economic Partnership Agreement | MENAFN.COM

Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said:“The UAE-
Kenya Comprehensive Economic Partnership Agreement marks a significant milestone in our

CEPA program. 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. The UAE-Kenya CEPA will not only boost trade and investment, but also foster
innovation and sustainable growth in key sectors such as agriculture, technology and tourism.

We look forward to deepening our relationship with Kenya and to further expanding our
presence in Africa as a trusted partner and investor.”

Rebecca Miano, Kenya's Cabinet Secretary for Investments, Trade and Industry, said:“The
Kenyan leadership has identified trade as a key lever of economic growth and transformation.

We are on a national development path that is seeking to increase industrial output, enhance
the quality and global competitiveness of that output, and to expand the opportunities for its
export. 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. We look forward to its implementation and the mutual benefits it will
deliver.”

Kenya's economy, one of the most promising in Africa, experienced real GDP growth

accelerating from 4.8 per cent in 2022 to an estimated 5 per cent in 2023, while it is projected
that real GDP will grow between 4.5 per cent and 5.2 per cent in 2024. Among others, its

services sector, which accounts for 53.6 per cent of Kenya's GDP, and agriculture sector,
comprising around a quarter of national GDP, offer vast potential for UAE businesses looking

to expand into the region.

Foreign trade remains the cornerstone of the UAE's economic agenda. In 2023, the UAE's
non-oil trade in goods reached an all-time high of $710 billion, a 12.6 per cent increase on

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