Thursday, July 28, 2022 – 7:57 PM
Kenya is the first African country to start talks on a comprehensive economic partnership agreement with the UAE.
Non-oil bilateral trade between the UAE and Kenya grew to $2.3 billion last year.
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ABU DHABI, 28th July, WAM/ His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Betty Maina, Minister of Industry, Trade and Enterprise Development in the Kenyan government, today signed a joint declaration during His Excellency’s official visit to the Kenyan capital, Nairobi, in which the two friendly countries express their Their intention is to start negotiations towards a comprehensive economic partnership agreement between the UAE and Kenya, in the presence of His Excellency Dr. Khalifa Al Raisi – Chargé d’Affairs of the UAE Embassy in Kenya.
The Comprehensive Economic Partnership Agreement with Kenya will be the first comprehensive economic partnership agreement that the UAE seeks to sign with an African country. This agreement will contribute significantly to promoting bilateral non-oil trade, which has grown to 2.3. billion dollars last year.
The two governments are also focused on increasing the volume of investment and bilateral trade to the highest possible level.
Through the partnership agreement, the two countries aim to remove trade obstacles to the exchange of a large number of goods and services, which will contribute to creating new economic opportunities for the two countries in terms of export and import, and enable Kenyan companies to benefit from the added competitive value provided by the UAE economy and the country’s geographical location.
His Excellency Dr. Thani Al Zeyoudi said: “There is a huge opportunity to create stronger economic integration between our two countries, especially in the sectors of agriculture, tourism, infrastructure, technology and renewable energy.. And our announcement of our intention to start negotiations on the Comprehensive Economic Partnership Agreement between the UAE and Kenya reflects our shared commitment to achieving greater economic progress.” Through trade and investment, we are confident that our efforts to establish strategic economic partnerships around the world through Comprehensive Economic Partnership Agreements will accelerate our growth and prosperity over the next fifty years.”
Kenya’s economy, the largest in East Africa, is expected to grow by 5.5% this year. Tourism and agriculture remain among its strongest sectors, although the country has a fast-growing financial services sector coupled with competitive manufacturing and ambitious plans for green technology.
High-level talks on the Comprehensive Economic Partnership Agreement between the UAE and Kenya will begin in the coming months, following the completion of three Comprehensive Economic Partnership Agreements this year, with India, Israel and Indonesia, within the framework of the “50 Projects” initiative aimed at consolidating the UAE’s position as a global trade center .
Wam/ Ramy Samih/ Reda Abdel Nour