According to Amac News: The purpose of the agreement is to strengthen trade and investment relations, strengthen supply chains and improve access to markets in the Middle East and Africa.
Bin Zayed considered this agreement as a sign of the UAE's commitment to strengthening economic relations in Africa and creating new opportunities for businesses and investors.
He noted that CEPA will boost trade and investment and contribute to innovation and sustainable growth in key sectors such as agriculture, retail, healthcare, financial services, technology and tourism.
On the other hand, the President of Kenya, Samui Ruto, while appreciating the President of the UAE for his commitment to strengthen relations between the two countries, described CEPA as a big step in economic relations between the two countries.
The UAE-Kenya CEPA agreement was signed by Thani bin Ahmed Al Zoudi, UAE Minister of State for Foreign Trade, and Musila Madwadi, Kenya's Prime Minister and Minister of Foreign Affairs and Diaspora Affairs.
The agreement builds on the growing cooperation between the UAE and Kenya, with bilateral non-oil trade reaching $3.1 billion in the first nine months of 2024, a 29.1 percent increase over the same period in 2023.
Kenya's economy is one of the most promising economies in Africa. The country experienced real GDP growth of 5.6 percent in 2023, and this rate is projected to average 5.2 percent between 2024 and 2026.
The services sector, which accounts for 53.6% of Kenya's GDP, and the agricultural sector, which accounts for about a quarter of the national GDP, offer great potential for Emirati businesses to expand into the region.
CEPA will also help accelerate investment flows in high-potential areas such as information and communication technology, banking, tourism, infrastructure and renewable energy.
Foreign trade remains a central part of the UAE's economic agenda and a central pillar in the country's efforts to double the size of its economy to more than $800 billion by the end of the decade.