Saturday, 26 February 2024 (TDI): According to the UAE Minister of Foreign Trade Thani Al Zeyoudi, Kenya and UAE sealed a comprehensive economic partnership deal. On Friday, they concluded a comprehensive economic partnership agreement (CEPA).
He expressed intentions to broaden the scope of the agreement, aiming to extend into various sectors ranging from food production and mining to technology and logistics.
Kenya is recognized to be the largest economy in East Africa. IN 2022, it was among the initial African nations to engage in bilateral trade discussions with the UAE. Equally important, this marked a significant move to broaden the UAE’s economy beyond its reliance on oil.
According to Al Zeyoudi’s social media post, non-oil trade between the Gulf state and Kenya surged by 26.4% in 2023. Notably, the trade was reaching up to $3.1 billion, illustrating a gradual increase from the previous year.
According to the UAE state news agency, Kenya’s Trade Minister Rebecca Miano emphasized the significance of the agreement. She highlighted its pivotal role in facilitating Kenyan exports’ access to key markets in Asia and the Middle East.
Moreover, she also highlighted its potential to attract investment inflows that would enhance national capabilities through further development.
Comprehensive economic partnership
The Comprehensive Economic Partnership Agreement between Kenya and UAE will enhance market access for businesses on both sides.
Furthermore, investments in the infrastructure and ICT sectors are also set to benefit both sides. Additionally, the deal will also see a platform for small and medium enterprise cooperation and expansion on both sides.
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Remarkably, this economic partnership is a testament to the UAE’s commitment to strengthening economic ties with the African continent. Significantly, the UAE has signed several CEPAs including with former foes Israel and Turkey and with Asian giants India and Indonesia.
Besides, the Gulf state sealed its first CEPA with African nations in 2023 with the island of Mauritius and the Republic of Congo-Brazzaville.
