UAE and Kenya Sign Landmark Comprehensive Economic Partnership Agreement
Abu Dhabi: The United Arab Emirates (UAE) and Kenya have officially signed a Comprehensive Economic Partnership Agreement (CEPA), marking a significant milestone in bilateral relations and setting the stage for enhanced trade and investment between the two nations.
The signing ceremony, held at Qasr Al Bahr in Abu Dhabi, was witnessed by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Kenyan President Dr. William Samoei Ruto. The agreement was signed by UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and Kenya's Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs, Dr. Musalia Mudavadi.
A Historic First for UAE-Africa Trade
This CEPA represents the UAE's first bilateral trade agreement with a mainland African country, underscoring the UAE's commitment to strengthening economic ties across the continent. The agreement aims to eliminate trade barriers, simplify customs procedures, and promote investment in key sectors, including agriculture, technology, and infrastructure.
"Kenya is going to be a gateway for sure for East Africa," stated Dr. Thani Al Zeyoudi, highlighting Kenya's strategic position in the region.
Economic Implications and Opportunities
In 2023, non-oil trade between the UAE and Kenya reached $3.1 billion, reflecting a 26.4% increase from the previous year. The CEPA is expected to further boost this figure by facilitating easier market access and encouraging investments in sectors such as food production, mining, technology, and logistics.
Kenya's Trade Minister, Rebecca Miano, emphasized the agreement's potential to enable Kenyan exports to reach important markets in Asia and the Middle East, while also stimulating investment inflows to develop national capabilities.
Strengthening Bilateral Relations
Beyond trade, the UAE and Kenya have signed seven additional agreements aimed at deepening bilateral cooperation. These include memoranda of understanding in areas such as energy, transport, customs, and the establishment of a joint business council to foster closer business relations and provide joint recommendations to both governments.
Looking Ahead
The CEPA is poised to play a pivotal role in Kenya's Vision 2030 development programme by attracting foreign investment and enhancing the country's export capabilities. For the UAE, the agreement aligns with its broader strategy to diversify its economy and strengthen its role as a global logistics and financial hub.
As both nations embark on this new chapter of economic collaboration, the CEPA serves as a testament to their shared commitment to fostering sustainable growth and prosperity.
For more information on the UAE-Kenya Comprehensive Economic Partnership Agreement, please visit the official websites of the UAE Ministry of Foreign Trade and the Kenyan Ministry of Industrialization, Trade and Enterprise Development.
