The United Arab Emirates and Kenya have successfully finalized the terms of the Comprehensive Economic Partnership Agreement (CEPA), a move poised to significantly enhance trade and investment relations between the two nations. The agreement, once implemented, is expected to facilitate increased investment flows across key sectors including logistics, healthcare, and travel and tourism, as well as infrastructure and information and communication technology (ICT).
Under the CEPA, businesses in both countries will enjoy improved market access, with the deal also establishing a framework for cooperation and growth among small and medium-sized enterprises (SMEs). This development comes as Kenya reports a 5 percent growth in its real annual GDP for 2023, an increase from the 4.8 percent growth recorded in the previous year. The services and agriculture sectors, which are significant components of Kenya’s economy, are identified as areas with substantial potential for UAE investors.
Thani bin Ahmed Al-Zeyoudi, the UAE’s Minister of Foreign Trade, highlighted the agreement as a crucial milestone in the UAE’s ongoing efforts to strengthen economic partnerships globally, particularly with the African continent. Al-Zeyoudi emphasized the CEPA’s role in promoting trade, investment, innovation, and sustainable growth in vital sectors, expressing anticipation for a deeper bilateral relationship with Kenya and an expanded UAE presence in Africa.
Rebecca Miano, Kenya’s Cabinet Secretary for Investments, Trade, and Industry, reflected on the agreement as evidence of Kenya’s strategic use of international trade for economic growth and development. She underscored the importance of the CEPA in facilitating Kenyan exports to significant markets in Asia and the Middle East, in addition to attracting investments that will enhance national development. Miano expressed optimism about the mutual benefits and successful implementation of the agreement.
The conclusion of this agreement marks a significant step for both nations, coming at a time when the UAE’s non-oil trade has reached a record high, indicating a robust expansion in international trade relations. The UAE has established a total of 10 CEPAs with various countries, aiming to diversify its trade and investment partnerships globally.
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