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UAE seeks a new trade agreement with Kenya

The UAE intends to establish a comprehensive economic cooperation agreement with Kenya in order to strengthen its position as a global trade and investment gateway.

The UAE stated that the agreement with Kenya, along with six other nations including India, Indonesia, Turkey, the United Kingdom, Israel, South Korea, and Ethiopia, will broaden its access to emerging markets.

“These comprehensive agreements will assist us in gaining access to those markets on a larger scale. In just eight nations, we're talking about 10% of world commerce and 60% of global population," said Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, in a release.

"These nations were picked based on a number of factors, including knowledge-driven economies, domestic consumption, international enterprises in those countries, and their historical ties with the UAE."

Dubai, being the Middle East's economic and trading powerhouse, has long been considered as the commerce gateway between Kenya and the rest of the globe. Dubai wishes to more than quadruple non-oil trade and investment with Kenya.

According to Dubai business experts, Sheikh Mohammed bin Rashid Al Maktoum, the UAE's vice-president and prime minister, as well as the Ruler of Dubai, has identified Kenya, the largest economy in East Africa, as "one of the most potential commercial partners for Dubai" in the future years.

In 2019, Hamad Buamim, president and CEO of the Dubai Chamber, stated, “We are seeking for a win-win collaboration with Kenya.” “We believe Dubai possesses the key to unlocking Kenya's economic potential.”

Kenya is also exploring a new bilateral trade agreement with the United Kingdom following Brexit. It expects that the new agreement will protect her from future blows after the EAC's partner states failed to reach an Economic Partnership Agreement with the EU.

Separately, Kenya hopes to sign a free trade pact with the United States.

Source :
Posted on :10/1/2021