UAE and Kenya unveil Comprehensive Economic Partnership Agreement
With the successful conclusion of discussions for a comprehensive economic cooperation agreement, Kenya and the United Arab Emirates have prepared the ground for the official signing and related procedures.
Together, Rebecca Miano, Kenya's Minister of Trade, Industry, and Investment, and Dr. Thani bin Ahmed Al-Zeyoudi, the Minister of State for Foreign Trade, hailed the conclusion of the negotiations. The purpose of this agreement is to promote mutual economic growth by taking trade and investment relations between the two countries to new heights.
The UAE's latest endeavor with Kenya underscores its commitment to expanding its foreign trade agenda. The agreement seeks to capitalize on the burgeoning trade dynamics between the two friendly nations, particularly evident in the remarkable surge of non-oil trade. In 2023, non-oil trade between the UAE and Kenya spiked by 26.4%, surpassing $3 billion, compared to $2.4 billion in 2022, $2.2 billion in 2021, and $1.8 billion in 2020.
Al-Zeyoudi emphasized the promising outlook for enhancing trade ties under the Comprehensive Economic Partnership Agreement. This platform is envisioned to facilitate enduring partnerships between the business communities of both countries, enhancing their access to each other's markets and regional spheres. Highlighting Kenya's strategic importance as one of Africa's top ten economies and one of the continent's fastest-growing nations, Al-Zeyoudi reiterated the UAE's commitment to expanding its network of trade partners worldwide through comprehensive economic partnerships.
Miano echoed similar sentiments, emphasizing Kenya's view of foreign trade as a pivotal driver of economic growth and comprehensive development. She underscored the significance of the agreement in bolstering Kenya's export opportunities and attracting investment flows that would spur economic development. The comprehensive economic partnership agreements program forms a cornerstone of the UAE's strategy to double its foreign non-oil trade in goods to four trillion dirhams and merchandise exports to 800 billion dirhams by 2031.
Both countries anticipate positive outcomes after the pact comes into effect; thus, its potential benefits go beyond economic growth. Kenya, one of the most promising economies in Africa, has had consistent GDP growth, which is anticipated to continue in the years to come. Given that agriculture offers substantial prospects and the services sector accounts for more than half of Kenya's GDP, Emirati businesses are well-positioned to investigate expansion opportunities throughout the African continent.
Overall, the comprehensive economic agreement program underscores the UAE's commitment to strengthening its trade and investment partnerships globally and regionally, contributing to the country's record-breaking non-oil foreign trade figures.
