Kenya and the United Arab Emirates on Thursday announced an agreement to mutually advance trade, investment and economic cooperation but did not sign a comprehensive agreement.
Trade and Investment Cabinet Secretary Rebecca Miano in a statement on Friday said the two countries had reached concurrence on the Kenya—UAE Comprehensive Economic Partnership Agreement, “an instrument that will simplify trade procedures, enhance investor confidence, advance digital trade, strengthen cooperation between the private and public sectors, among other measures”.
“This in effect creates great opportunity for increased investment in Kenya and the region. I’m glad to have led the Kenyan delegation @DavidNdii @AlfredKOmbudo with my counterpart the Minister of State for Foreign Trade of the United Arab Emirates, Thani bin Ahmed Al @ThaniAlZeyoudi ably leading the UAE team,” CS Miano said on X.
Trade PS Alfred K’ Ombudo said the UAE offers a $415 billion market for horticulture, meat, meat products and services, and that the Comprehensive Economic Partnership Agreement provides investment and export opportunities in Kenya for UAE.
“We look forward to completing commencement procedures for this Kenya—UAE CEPA,” the PS said.
In October 2022, Kenya and UAE committed to expanding trade ties by fast-tracking trade agreements and set up a joint panel to explore investment partnerships in oil and gas, technology transfer, agriculture, healthcare as well as development of Special Economic Zones.
This emerged following talks between President William Ruto and UAE’s Federal Minister of State for Foreign Affairs Sheikh Shakhboot Al Nahyan at State House, Nairobi. Earlier in July, the two states had agreed to start negotiations on the Comprehensive Economic Partnership Agreement.
Dr Al Zeyoudi and then Industrialization, Trade and Enterprise Development Betty Maina had signed a statement in Nairobi announcing plans to begin holding the trade talks.
The comprehensive agreement would be the first with an African nation, and was expected to boost UAE-Kenya non-oil trade, which grew to $2.3 billion in 2021.
“There is tremendous opportunity for closer economic integration between our two nations, especially in agriculture, tourism, infrastructure, technology and renewable energy,” said Dr Al Zeyoudi at the time.
Through the agreement, the two states aim to remove trade barriers on a wide range of goods and services, creating opportunities for importers and exporters, and enable Kenyan companies to benefit from the UAE’s geographic and logistical position.
