The United Arab Emirates and the Republic of Kenya have completed negotiations on a Comprehensive Economic Partnership Agreement between them, after reaching the final terms of the agreement, in preparation for its official signing at a later time, followed by the completion of the remaining relevant procedures.
Both Dr. Thani bin Ahmad Al-Zeyoudi, Minister of State for Foreign Trade, and Rebecca Maina, Minister of Trade, Industry, and Investment in Kenya, signed a joint statement on the successful completion of discussions regarding the agreement aimed at enhancing trade and investment relations to broaden horizons for achieving mutual economic growth in both countries.
The Comprehensive Economic Partnership Agreement with Kenya is the latest addition to the UAE’s foreign trade agenda.
The agreement aims to build on the commercial momentum between the two friendly countries, especially in light of the upward trend in non-oil bilateral trade, which witnessed a record growth in 2023 by 26.4%, reaching over $3.06 billion, compared to $2.4 billion in 2022, $2.2 billion in 2021, and $1.8 billion in 2020.
Dr. Thani Al-Zayoudi emphasized that the upward trend in non-oil trade between the UAE and Kenya, and the consecutive and remarkable growth rates achieved over the past four years, confirm promising prospects for enhancing trade relations between the two friendly countries under the framework of the Comprehensive Economic Partnership Agreement.
This agreement will serve as a platform for establishing long-term partnerships for business communities and improving their mutual access to markets in both countries and their regional surroundings.
He stated: “The UAE continues to expand its network of trade partners around the world through the signing of comprehensive economic partnership agreements with countries with promising economies, such as Kenya, which is among the top 10 economies in Africa and one of the fastest growing.”
He added that the Comprehensive Economic Partnership Agreements program is an essential element in the UAE’s plans aimed at doubling its non-oil foreign trade from goods to 4 trillion dirhams, and merchandise exports to 800 billion dirhams by 2031.
Rebecca Maina, on the other hand, stated that Kenya sees foreign trade as a key driver of economic growth and comprehensive development. The country continues to implement national development plans aimed at increasing industrial production, enhancing its quality and global competitiveness, and expanding export opportunities.
The Comprehensive Economic Partnership Agreement with the United Arab Emirates will play a major role in these plans, enabling Kenyan exports to access important markets in Asia and the Middle East, as well as stimulating investment flows that will help develop the Kenyan economy.
She added: “We look forward to the positive outcomes of this agreement when implemented, as well as the mutual benefits it will bring.”
It is noted that the Kenyan economy, which is considered one of the most promising economies in Africa, achieved a growth in Gross Domestic Product (GDP) by 4.8% in 2022, with this growth estimated to be around 5% in 2023, while forecasts indicate an increase in real GDP growth between 4.5% and 5.2% in 2024.
The service sector represents about 53.6% of Kenya’s gross domestic product, while the agricultural sector accounts for approximately a quarter of the GDP, offering multiple opportunities for Emirati companies looking to expand in the African continent.
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