Kenya and the United Arab Emirates (UAE) have finalized negotiations for a trade deal enhancing investment between the two nations. This is according to Trade Cabinet Secretary Rebecca Miano who announced the commencement of talks for a Comprehensive Economic Partnership Agreement (CEPA) on Friday, February 23rd.

Speaking after the conclusion of the talks, UAE’s Minister of Foreign Trade Thani bin Ahmed Al-Zeyoudi described the new agreement as marking a significant milestone.

“Kenya’s services sector, which accounts for 53.6 percent of Kenya’s economy, and agriculture sector, comprising around a quarter of the national GDP, offer vast potential for UAE businesses looking to expand into the region,” Al-Zeyoudi commented.

If the deal sails through, investments in the infrastructure, ICT, and logistics sectors, will receive a significant boost. Additionally, it will expand the platform for cooperation and expansion of small and medium enterprises on both sides.

This deal is an instrument that will simplify trade procedures, enhance investor confidence, advance digital trade, and strengthen cooperation between the private and public sectors, among other measures. This in effect creates a great opportunity for increased investment in Kenya and the region.