Sharp Daily
No Result
View All Result
Thursday, September 18, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Kenya expands trade horizons with UAE following EU agreement

Derrick Omwakwe by Derrick Omwakwe
July 8, 2024
in News
Reading Time: 2 mins read

Kenya is on the brink of enhancing its trade influence with the United Arab Emirates (UAE) market, following the recent implementation of a similar trade agreement with the European Union (EU).

In the first quarter of 2024, revenue from exports to Asia surged to KES 42.7 billion, marking a 76.4% increase from the first quarter of 2023. This growth was largely driven by increased exports to Saudi Arabia and the UAE, which saw more than a threefold and twofold increase, respectively.

The Cabinet has reviewed and approved the UAE agreement, which will grant Kenyan products preferential market access. There was a notable rise in domestic exports of tea to Saudi Arabia and goat meat to the UAE, along with re-exports of kerosene-type jet fuel to these two countries. Conversely, exports to Iran dropped by 45.5% due to decreased tea exports.

On the other hand, import expenditure from the Middle East fell by 13.9% to KES126.1 billion in the first quarter of 2024, compared to the same period in 2023. This decline was mainly due to reduced imports of chemical fertilizers from Saudi Arabia and gas oil and motor spirit (gasoline) premium from the UAE.

RELATEDPOSTS

How public ratings could shift healthcare dynamics in Kenya

September 4, 2025

Why firms are shedding jobs despite survival

June 19, 2025

“In alignment with our commitment to expanding access to international markets, we have considered and approved the Kenya-United Arab Emirates Comprehensive Economic Partnership Agreement. Once ratified by Parliament, this treaty will provide Kenyan products, including tea, meat, fruits, vegetables, and cut flowers, with preferential market access to the UAE,” the Cabinet announced in a statement.

This announcement comes shortly after the Economic Partnership Agreement, which allows Kenyan exports to enter the 27-member European Union market duty-free, took effect. This agreement will also gradually open the Kenyan market to EU products over a 25-year period.

The agreement, which addresses trade and climate change issues, was concluded in June 2023 and signed on December 18, 2023. It aims to implement the provisions of the EU-East African Community (EAC) EPA and remains open to other EAC countries.

The EU is one of Kenya’s top export destinations and its second-largest trading partner, with total trade between the EU and Kenya exceeding €35 billion in 2023, a 16% increase compared to 2018.

Previous Post

High Court upholds KES 2.4 billion fine against ex-NSSF manager Francis Moturi

Next Post

KMPDU denies suspension of #OccupyMoH protests, cites hacking incident

Derrick Omwakwe

Derrick Omwakwe

Related Posts

News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025
News

Kick financial goals: Invest with CMMF this football season

August 22, 2025
commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025

LATEST STORIES

Sustainable mixed-use developments in Kenya

September 17, 2025

Real Estate project financing models shaping successful developments

September 12, 2025

Alternative investments: Opportunities and risks

September 12, 2025

Mid-September momentum: CMMF posts strong yields and growing trust

September 12, 2025

Unlocking Home Ownership Through Retirement Savings in Kenya

September 12, 2025

The role of FDIs in driving sustainable development

September 11, 2025

How increased oversight can clean up the insurance sector without stifling innovation

September 11, 2025

Why retail investors hold the key to Kenya’s capital market growth

September 11, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024