Arab News, Sat, Feb 24, 2024 | Shaban 14, 1445
UAE and Kenya finalize terms of Comprehensive Economic Partnership Agreement
Emirates:
The UAE and Kenya have concluded negotiations on a trade deal that will boost
investment flows in logistics, healthcare, and travel and tourism between the
two countries.
The Comprehensive Economic Partnership Agreement
will enhance market access for businesses on both sides, according to a press
release.
Investments in the infrastructure and ICT sectors
are also set to benefit, and the deal will also see a platform for small and
medium enterprise cooperation and expansion on both sides.
Kenya's economy experienced real annual GDP growth
of 5 percent in 2023, up from 4.8 percent in the previous 12 months.
Its services sector, which accounts for 53.6
percent of Kenya’s economy, and agriculture sector, comprising around a quarter
of national GDP, offer vast potential for UAE businesses looking to expand into
the region, the release added.
The UAE’s Minister of Foreign Trade Thani bin
Ahmed Al-Zeyoudi described the new agreement as marking a “significant
milestone” in the country’s trade deal program.
He added: “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.”
Kenya’s Cabinet Secretary for Investments, Trade
and Industry Rebecca Miano said the agreement was testament to her government’s
drive to use international commerce as “a key lever of economic growth and
transformation.”
She added: “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.”
In 2023, the UAE’s non-oil trade in goods reached
an all-time high of $710 billion, a 12.6 percent increase on 2022 – and 34.7
percent more than 2021.
The UAE has already concluded 10 CEPAs, including
with India, Israel, and Indonesia, as well as Türkiye, Georgia, and South Korea.