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Kenya and UAE Strike a Trade Deal to Boost Economic Growth

by Walter
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The governments of Kenya and the United Arab Emirates (UAE) have struck a deal for a transformative trade agreement, set to bolster investment and economic ties between the two nations. Trade Cabinet Secretary Rebecca Miano announced the commencement of talks for a Comprehensive Economic Partnership Agreement (CEPA) on Friday, February 23.

Following the successful conclusion of discussions, UAE’s Minister of Foreign Trade Thani bin Ahmed Al-Zeyoudi hailed the agreement as a pivotal moment, stating, “Kenya’s services sector and agriculture sector offer vast potential for UAE businesses looking to expand into the region.”

Kenya, having previously inked a bilateral trade deal with India, becomes the first African country to engage such a partnership. If ratified, the agreement is poised to significantly elevate investments in infrastructure, ICT, and logistics sectors, fostering cooperation and boosting small and medium enterprises on both fronts.

Al-Zeyoudi emphasized, “It is a testament to our commitment to strengthening economic ties with the African continent and creating new opportunities for businesses and investors in both of our countries.” The deal is anticipated to not only enhance trade and investment but also drive innovation and sustainable growth in Kenya’s key sectors.

CS Miano expressed optimism about the deal, highlighting its potential to open up crucial markets in Asia and the Middle East, stimulate investment inflows, and enhance national capabilities.

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