Page 443 - MOE ENGLISH PR REPORT - FEBRUARY 2024
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2/27/24, 9:38 AM                  UAE and Kenya finalize terms of Comprehensive Economic Partnership Agreement





            Kenya's economy experienced real annual GDP growth of 5 percent in 2023, up
            from 4.8 percent in the  previous 12 months. 



            Its services sector, whi ch  accounts for 53.6  percent of Kenya’s economy, and
            agriculture sector, comprising around a quarter of national GDP, oer vast
            potential for UAE businesses looking to expand into the region, the release

            added.


            The  UAE’s Minister of Foreign Trade Thani bin Ahmed Al-Zeyoudi described the

            new agreement as marking a “signi„cant milestone” in the country’s trade deal
            program.



            He added: “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,

            techn ology 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.”


            Kenya’s Cabinet Secretary for Investments, Trade and Industry Rebecca Miano
            said the  agreement was testament to her government’s drive to use

            international commerce as “a key lever of economic growth and
            transformation.”



            She  added: “The  Comprehe nsive Economic Partnership Agreement with the
            United Arab Emirates will play a key role in these eorts, enabling our exports

            to reach  important markets in Asia and the Middle East, and also in stimulating
            the  investment in…ows tha t will further develop our national capabilities. We
            look forward to its implementation and the mutual bene„ts it will deliver.”



            In 2023, the  UAE’s non-oil trade in goods reached an all-time high of $710
            billion, a 12.6  percent increase on 2022 – and 34.7 percent more than 2021. 



            The  UAE ha s already concluded 10 CEPAs, including with India, Israel, and
            Indonesia, as well as Türkiye, Georgia, and South Korea.



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