UAE, Kenya set for talks on major trade agreement

The UAE and Kenya are working towards a Comprehensive Economic Partnership Agreement (CEPA) - with negotiations set to begin in the coming months.

It will be the UAE's first such trade deal with an African nation.

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Betty Maina, Cabinet Secretary, Ministry of Industrialisation, Trade and Enterprise Development of Kenya, signed a joint statement in Nairobi announcing the intention to begin negotiations.

The agreement aims to remove trade barriers on a wide range of goods and services, in addition to creating new opportunities for businesses in both countries, and enabling Kenyan companies to leverage the value of the UAE’s geographic and logistical position.

It's expected to boost the total value of UAE-Kenya non-oil bilateral trade, which grew to US$ 2.3 billion last year.

"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.

The UAE concluded similar agreements with India, Israel and Indonesia earlier this year under the "Projects of the 50" initiative that aims to make the UAE a global business hub.