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2/27/24, 9:39 AM UAE and Kenya finalise terms of a Comprehensive Economic Partnership Agreement. - Free Online Library

UAE and Kenya finalise terms of a Comprehensive

Economic Partnership Agreement.

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The UAE and Kenya have concluded negotiations on a Comprehensive Economic Partnership Agreement, ushering in a
new chapter of trade relations between the two nations that will secure vital East and West supply chains, spur investment
into priority sectors, and enhance market access for businesses on both sides.

The CEPA will have significant positive impact on accelerating investment flows in high potential areas such as logistics,
healthcare, travel and tourism, infrastructure, and ICT, and will offer a platform for SME cooperation and expansion on
both sides.
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 2022 – and 34.7 per cent more than 2021. The UAE has
already concluded CEPAs with India, Israel, Indonesia, Türkiye, Georgia, Cambodia, Mauritius, Congo-Brazzaville,
Colombia, South Korea, Costa Rica.

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