By Eddah Waithaka
The Cabinet Secretary for Trade and Investment, Salim Mvurya, has announced that the Economic Partnership Agreement between Kenya and the United Arab Emirates (UAE) is expected to enhance trade relations. Speaking at the UAE-Kenya Trade Investment Forum in Nairobi on Monday, the CS emphasized that the agreement positions Kenya as a strategic gateway to the rest of the African continent.
He noted that the finalized economic partnership agreement is poised to enhance trade between the two markets, favoring Kenya in the process. “The two parties have been engaging over the past two years with the view to putting in place a long-term trading framework, the Kenya–UAE Comprehensive Economic Partnership Agreement, whose negotiation is at an advanced stage.”
“It is ready and will be signed anytime. Part of that agreement will be used to improve trade in the region. We are improving our access to markets globally. If you look at the UAE, for example, we have quite a number of agricultural products that we export. Through these arrangements, then we are able to get more room and more leverage.”
Mvurya stated that the investment forum presents an optimistic view of the country’s economy. “If you find 15 companies coming to Kenya and camping here in Kenya for two days to look for opportunities, it is a very critical indicator that our trajectory in economic growth and economic development is in the right direction. I am aware that when you invest today, you do not expect the results now. But I think it is in good progress,” he said.
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The UAE ranks as Kenya’s sixth largest trading partner, with Kenya primarily exporting tea, meat, cut flowers, fruits, and vegetables to the UAE. In return, Kenya imports various products from the UAE, including petroleum oil, telephone sets, and cement clinker.
The Cabinet Secretary noted that total trade between the two nations has increased significantly over the years, rising from $1.9 million (approximately Sh247 million) in 2010 to $3.83 billion (around Sh497 billion) today. “The overall balance of trade is in favour of UAE with Kenya experiencing a negative balance of trade to the tune of $3.08 billion,” he said.
In addition, the CS also highlighted the role of the private sector in terms of the policies that the government has put in place to encourage more private sector involvement, particularly with regard to the UAE
“One of the things I said is that we are leveling the playground and seeing how we can enable a much more conducive business environment. For the UAE in particular, when we sign the Comprehensive Economic Partnership Agreement, that will be able to bring in more leverage for UAE investors.”
