Trade agreement with UAE ready for signing, says CS Mvurya

Trade Cabinet Secretary Salim Mvurya has said the economic partnership agreement between Kenya and the United Arab Emirates (UAE) is expected to boost trade relations.

The CS, who spoke at the UAE-Kenya Trade Investment Forum held in Nairobi Monday, said the pact provides an opportunity for the country to profile itself as a gateway market to the rest of the continent.

He said the economic partnership agreement, which is already concluded, is expected to boost trade between the two markets in favour of Kenya.

“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.”

Mvurya said the investment forum paints a positive picture of the country’s economy.

“If you find 15 companies camping here for two days, it is a very good indicator that our economic growth trajectory is in the right direction,” he said.

UAE is Kenya’s sixth largest trading partner with Kenya exporting mainly tea, meat, cut flowers, fruits, and vegetables.

Kenya imports petroleum oil, telephone sets, and cement clinker among other products, from the UAE. The CS said total trade between the two countries has been growing over the years from $1.9 million (Sh247 million) in 2010 to $3.83 billion (Sh497 billion.

“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.