UAE And Kenya Signed A Comprehensive Economic Partnership Deal

UAE And Kenya Signed A Comprehensive Economic Partnership Deal

On Friday, the UAE and Kenya finalised a comprehensive economic partnership agreement (CEPA), as announced by UAE Minister of Foreign Trade, Thani Al Zeyoudi. Kenya, recognised as East Africa’s economic powerhouse, emerged as one of the initial African nations engaging in bilateral trade discussions with the UAE back in 2022. This initiative aligns with the UAE’s strategic vision of diversifying its economy away from oil dependency.

The non-oil trade volume between the UAE and Kenya witnessed a significant surge, totalling $3.1 billion in 2023, marking a notable 26.4% increase compared to the previous year. Al Zeyoudi highlighted these advancements, emphasising plans for expansive collaborations spanning diverse sectors including food production, mining, technology, and logistics.

Kenya’s Trade Minister, Rebecca Miano, echoed the sentiment, emphasising the importance of the agreement in facilitating Kenyan exports’ access to Asian and Middle Eastern markets. Miano emphasised the agreement’s potential to attract substantial investment inflows, thereby bolstering Kenya’s domestic capacities and capabilities.

The UAE’s commitment to fostering international trade remains unwavering, as evident from its robust economic performance in 2023. The country’s non-oil trade in goods surged to a record-breaking $710 billion, reflecting a substantial 12.6% increase from the previous year and an impressive 34.7% surge compared to 2021.