UAE, Kenya set for talks on major trade agreement

WAM

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.

More from Business News

  • Disney settles suit over women's pay for $43 million

    Walt Disney has agreed to pay $43.3 million to settle a lawsuit alleging that its female employees in California earned $150 million less than their male counterparts over an eight-year period, the plaintiffs' lawyers said in a statement on Monday.

  • Etihad Airways adds ten new destinations for 2025

    UAE carrier Etihad Airways is set to introduce ten new destinations starting in 2025, expanding its global presence as it brings tens of thousands of new visitors to the capital.

  • Trump pledges new tariffs on Canada, Mexico, China

    US President-elect Donald Trump on Monday pledged a 25 per cent tariff on all products from Mexico and Canada from his first day in office, and an additional 10 per cent tariff on goods from China, citing illegal immigration and the trade of illicit drugs.

  • UAE and Bahrain finalise ICV programmes procedures

    The UAE and Bahrain have finalised the procedures required to implement an MoU, signed last January, that fosters cooperation between the National In-Country Value (ICV) Programme and Bahrain’s Value Programme in Industry, known as Takamul.

On Virgin Radio today

Trending on Virgin Radio