RIYADH: 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.
Source: Arab News
