The United Arab Emirates and Kenya will soon begin negotiations on a Comprehensive Economic Partnership Agreement, stated the UAE Ministry of Economy in a statement on Friday, July 29.
The UAE minister of state for foreign trade, Dr Thani bin Ahmed Al Zeyoudi and cabinet secretary, ministry of industrialization, trade and enterprise development, Betty Maina, signed a joint statement in Nairobi, Kenya, while declaring the intention to start negotiations toward a Comprehensive Economic Partnership Agreement (CEPA) between both the nations.
The UAE-Kenya agreement of CEPA will be the first bilateral ties deal which the UAE which aims to sign with an African country.
Such an agreement will deepen investment and trade ties between Africa and the Middle East and will boost the total value of UAE-Kenya non-oil bilateral trade, which will rise to $2.3 billion in 2021.
Dr Al Zeyoudi stated that there is a tremendous opportunity for closer economic integration between the two countries, particularly in agriculture, infrastructure, tourism, technology as well as renewable energy.
Through the Comprehensive Economic Partnership Agreement (CEPA), the United Arab Emirates and Kenya strive to remove trade barriers on a vast range of goods and services, creating new opportunities for imports and exporters in both nations and allowing Kenyan companies to leverage the value of the geographic and logistical position of the UAE.
Dr Al Zeyoudi stated that declaring their intention to start negotiations on the UAE-Kenya CEPA reflects their shared commitment to achieving more excellent economic progress via trade as well as investment. Their efforts to launch strategic economic collaborations in the world via our CEPAs will fast-track their growth and prosperity for the next 50 years.