The two nations want to strengthen their bilateral non-oil trade and investment relations.
In a joint declaration made in Nairobi by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, the UAE announced their intent to begin talks on a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Kenya.
Betty Maina, Cabinet Secretary of Kenya's Ministry of Industrialization, Trade, and Enterprise Development, and Dr. Khalifa Al Raisi, Charge d'Affaires of the UAE Embassy in Kenya, both attended the signing.
The UAE-Kenya CEPA, their first bilateral trade agreement, will strengthen economic and investment ties between Africa and the Middle East and increase the value of bilateral non-oil trade between the two countries, which increased to 2.3 billion USD last year.
This opens up new possibilities for importers and exporters and allows the African nation to benefit from the UAE's strategic location and logistical advantages.
Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, stated that there is a great opportunity for closer economic integration between our two countries, particularly in the areas of agriculture, tourism, infrastructure, technology, and renewable energy.
Announcing our intent to start talks on the CEPA between the UAE and Kenya reflects our shared commitment to advancing economic growth through trade and investment. Our efforts to form strategic economic alliances with other countries through our CEPAs will hasten our growth and prosperity over the next 50 years, the official continues.
The country's economy is expected to grow by 5.5% this year.
This follows a string of CEPAs with countries like India, Israel, and Indonesia to advance the UAE as a major business hub for talent and investors as part of the UAE's Projects 50 initiative.