Latest news with #EconomicPartnershipAgreement
Arabian Post
7 hours ago
- Business
- Arabian Post
Kenya Dominates East Africa–Europe Trade Surge
Trade between the European Union and the East African Community reached €7.7 billion in 2024, marking a robust surge in economic engagement. Data from the EAC Secretariat and the European Commission reveal that Kenya led this growth, accounting for 43 per cent of total EAC trade with Europe. Kenya's ascent to prominence has been propelled by its position as the region's primary link to European markets. Under the Economic Partnership Agreement initiated in July 2024, it became the first EAC member to implement the pact, which offers immediate tariff- and quota-free access for its exports into the EU, while Kenya gradually opens its market. The results are distinctly visible: Kenya accounts for nearly half of all EAC–EU trade and for 45 per cent of investments within the bloc. An analysis of trade flows underlines the shift. In 2023, Kenyan exports to Europe—including cut flowers, fruits and vegetables—totalled €1.2 billion, while EU exports of mineral and chemical products, machinery and appliances to Kenya reached €1.7 billion. This balance reflects the mutual benefits of the agreement and deepening bilateral ties. Kenya ranks as the EU's seventh‑largest African trade partner, with total trade climbing to €3 billion in 2023, a 16 per cent rise since 2018. ADVERTISEMENT Beyond Kenya, the broader EAC has also seen shifts. Collective trade grew 28.4 per cent to $8.86 billion, driven largely by the Kenya–EU EPA. Within the EAC, intra-bloc trade also grew by 13.1 per cent to $12.1 billion in 2023, representing 15 per cent of total EAC trade. Country-specific performance underscores varying trajectories. Uganda registered a remarkable 77 per cent surge in exports to global markets, reaching $6.34 billion in 2023. Tanzania and Rwanda, while showing moderate gains, still lagged behind Kenya's growth pattern. Burundi, South Sudan and Rwanda, classified as Least Developed Countries, continue to rely on the EU's Everything-but-Arms scheme, which offers duty-free entry for all goods except arms. The EPA's emphasis on sustainability and inclusivity adds a strategic layer to the agreement. It includes clauses on environmental conservation, labour rights and gender equality—portions unprecedented in prior EU agreements with developing economies. EU officials have indicated that Kenya's stability and regional influence underpinned its leading role in the EPA, which is intended to serve as a model for other EAC members. Trade analysts suggest that Kenya's rise reflects both domestic reforms and stronger supply-chain integration. Kenyan firms have adapted to the EAC's Common External Tariff and aligned export capacities with EU demand, particularly in horticulture and floriculture. According to agricultural sector experts, Kenyan producers have expanded certification and quality compliance to meet EU standards, enabling higher-priced access to premium markets. Nonetheless, challenges persist. Kenya continues to record a trade deficit with the EU—approximately €500 million in 2023—raising concerns about long-term sustainability. While exports of flowers, tea and vegetables are strong, reliance on imports of machinery and chemicals remains substantial. Furthermore, other EAC partners have yet to ratify the EPA, delaying full regional integration under the agreement. Policy experts argue that widening Kenya's success across the EAC will require infrastructure upgrades, logistical harmonisation and expanded value‑addition processes. They caution that without broader regional participation, Kenya could be left exposed to external market volatility and uneven benefits. European trade officials maintain that the Kenya–EAC partnership is central to the EU's Africa policy, dovetailing with commitments on democratic governance and green growth. The EU‑Kenya EPA, integrated into a broader strategic dialogue launched in June 2021, represents the most ambitious EU trade pact with a developing country to date. Kenya's achievement as the dominant node of East African trade with Europe reflects a blend of diplomatic foresight, institutional readiness and export agility. As the agreement matures and other EAC nations contemplate accession, the potential for a reconfigured regional economic landscape grows—but so do the complexities of harmonising economic strategies across six sovereign states.
Sharjah 24
10 hours ago
- Business
- Sharjah 24
AD CP attends Supreme Eurasian Economic Council meeting
The meeting brought together heads of state and government from the member countries of the Eurasian Economic Union (EAEU), chaired by President Alexander Lukashenko of the Republic of Belarus. The United Arab Emirates participated as a guest of honour alongside leaders from invited nations including Uzbekistan, Cuba, Azerbaijan, Turkmenistan, Mongolia, Zimbabwe and Myanmar. Conveying greetings of UAE President During the meeting, His Highness Sheikh Khaled bin Mohamed bin Zayed delivered the UAE's address, conveying the greetings of President His Highness Sheikh His Highness Sheikh Khaled bin Mohamed bin Zayed also expressed his appreciation to President Alexander Lukashenko for the warm welcome and hospitality and for inviting the UAE to participate in the Supreme Eurasian Economic Council meeting hosted by the Republic of Belarus. Reaffirmed UAE's commitment to strengthening its relations with member states of EAEU He reaffirmed the UAE's commitment to strengthening its relations with the member states of the EAEU and to advancing together towards new horizons of shared growth and economic partnership. He underscored the importance of fostering closer cooperation to generate greater trade and investment opportunities for both sides. Attendees The Supreme Eurasian Economic Council meeting was attended by Vladimir Putin, President of the Russian Federation; Alexander Lukashenko, President of the Republic of Belarus; Kassym-Jomart Tokayev, President of the Republic of Kazakhstan; and Sadyr Japarov, President of the Kyrgyz Republic. Also in attendance were representatives of Observer States to the EAEU: Miguel Mario Díaz-Canel Bermúdez, President of the Republic of Cuba; Shavkat Miromonovich Mirziyoyev, President of the Republic of Uzbekistan; in addition to representatives of invited countries: Min Aung Hlaing, Prime Minister of the Republic of the Union of Myanmar; Laureano Ortega Murillo, Advisor to the Co-Presidents of the Republic of Nicaragua for Investment, Trade, and International Cooperation; and Nyam-Osoryn Uchral, First Deputy Prime Minister of Mongolia, Minister of Economy and Development of Mongolia. Witnessed the exchange of the Economic Partnership Agreement (EPA) During the meeting, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and leaders of the member states of the Eurasian Economic Union witnessed the exchange of the Economic Partnership Agreement (EPA) with the Eurasian Economic Union that aims to eliminate trade barriers and unlock opportunities in vital sectors, including renewable energy, logistics and construction services. His Highness Sheikh Khaled bin Mohamed highlighted that the agreement marks a significant milestone in UAE-EAEU relations, serving as a catalyst to further increase trade volumes and unlock new avenues of economic cooperation. He underscored that the UAE, through the EPA, aims to strengthen ties between business communities, investors and entrepreneurs across UAE and EAEU member states, laying a foundation for robust economic cooperation while reflecting the depth of friendship and constructive collaboration binding the UAE and the EAEU member nations. The agreement is expected to further enhance private-sector collaboration, strengthen supply chains, and empower entrepreneurs and SMEs to expand their operations globally. Building on years of economic cooperation, bilateral non-oil trade between the UAE and EAEU nations grew by 27 per cent in 2024 to reach US$29 billion, while trade between the two partners witnessed a fourfold increase since 2021. The EPA was signed by Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade; Mher Grigoryan, Deputy Prime Minister of the Republic of Armenia; Natalia Petkevitch, Deputy Prime Minister of the Republic of Belarus; Serik Zhumangarin, Deputy Prime Minister – Minister of National Economy of the Republic of Kazakhstan; Daniyar Amangeldiev, First Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic; Alexey Overchuk, Deputy Prime Minister of the Russian Federation; and Bakytzhan Sagintayev, Chairman of the Eurasian Economic Commission Board.
Gulf Today
10 hours ago
- Business
- Gulf Today
Sheikh Khaled, leaders of EAEU member states discuss trade ties in Belarus
On behalf of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has attended the Supreme Eurasian Economic Council meeting, held on Friday at the Palace of Independence in Minsk, Belarus. The meeting brought together heads of state and government from the member countries of the Eurasian Economic Union (EAEU), chaired by President Alexander Lukashenko of the Republic of Belarus. The United Arab Emirates participated as a guest of honour alongside leaders from invited nations including Uzbekistan, Cuba, Azerbaijan, Turkmenistan, Mongolia, Zimbabwe and Myanmar. During the meeting, Sheikh Khaled Bin Mohamed delivered the UAE's address, conveying the greetings of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan to the participating heads of state and government, along with best wishes for the success of the summit and continued prosperity for the peoples of the EAEU member states. Sheikh Khaled also expressed his appreciation to President Alexander Lukashenko for the warm welcome and hospitality and for inviting the UAE to participate in the Supreme Eurasian Economic Council meeting hosted by the Republic of Belarus. He reaffirmed the UAE's commitment to strengthening its relations with the member states of the EAEU and to advancing together towards new horizons of shared growth and economic partnership. He underscored the importance of fostering closer cooperation to generate greater trade and investment opportunities for both sides. The Supreme Eurasian Economic Council meeting was attended by Vladimir Putin, President of the Russian Federation; Alexander Lukashenko, President of the Republic of Belarus; Kassym-Jomart Tokayev, President of the Republic of Kazakhstan; and Sadyr Japarov, President of the Kyrgyz Republic. Also in attendance were representatives of Observer States to the EAEU: Miguel Mario Díaz-Canel Bermúdez, President of the Republic of Cuba; Shavkat Miromonovich Mirziyoyev, President of the Republic of Uzbekistan; in addition to representatives of invited countries: Min Aung Hlaing, Prime Minister of the Republic of the Union of Myanmar; Laureano Ortega Murillo, Advisor to the Co-Presidents of the Republic of Nicaragua for Investment, Trade, and International Cooperation; and Nyam-Osoryn Uchral, First Deputy Prime Minister of Mongolia, Minister of Economy and Development of Mongolia. During the meeting, Sheikh Khaled and leaders of the member states of the Eurasian Economic Union witnessed the exchange of the Economic Partnership Agreement (EPA) with the Eurasian Economic Union that aims to eliminate trade barriers and unlock opportunities in vital sectors, including renewable energy, logistics and construction services. Sheikh Khaled highlighted that the agreement marks a significant milestone in UAE-EAEU relations, serving as a catalyst to further increase trade volumes and unlock new avenues of economic cooperation. He underscored that the UAE, through the EPA, aims to strengthen ties between business communities, investors and entrepreneurs across UAE and EAEU member states, laying a foundation for robust economic cooperation while reflecting the depth of friendship and constructive collaboration binding the UAE and the EAEU member nations. The agreement is expected to further enhance private-sector collaboration, strengthen supply chains, and empower entrepreneurs and SMEs to expand their operations globally. Building on years of economic cooperation, bilateral non-oil trade between the UAE and EAEU nations grew by 27 per cent in 2024 to reach US$29 billion, while trade between the two partners witnessed a fourfold increase since 2021. The EPA was signed by Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade; Mher Grigoryan, Deputy Prime Minister of the Republic of Armenia; Natalia Petkevitch, Deputy Prime Minister of the Republic of Belarus; Serik Zhumangarin, Deputy Prime Minister – Minister of National Economy of the Republic of Kazakhstan; Daniyar Amangeldiev, First Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic; Alexey Overchuk, Deputy Prime Minister of the Russian Federation; and Bakytzhan Sagintayev, Chairman of the Eurasian Economic Commission Board. WAM
Dubai Eye
11 hours ago
- Business
- Dubai Eye
Sheikh Khaled attends Eurasian Economic forum in Minsk
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, reaffirmed the UAE's commitment to strengthen relations with member states of the Eurasian Economic Union (EAEU) for stronger economic partnerships in the future. An Economic Partnership Agreement (EPA) with the Eurasian Economic Union was signed, which Sheikh Khaled called a significant milestone in UAE-EAEU relations, serving as a catalyst to further increase trade volumes and unlock new avenues of economic cooperation. Chaired by President of Belarus, Alexander Lukashenko, the Supreme Eurasian Economic Council meeting in Minsk on Friday brought together heads of state and government from the member countries of the EAEU. The UAE participated as a guest of honour alongside leaders from invited nations including Uzbekistan, Cuba, Azerbaijan, Turkmenistan, Mongolia, Zimbabwe and Myanmar. During his address, Sheikh Khaled thanked Lukashenko for inviting the UAE to participate in the meeting and underscored the importance of fostering closer cooperation to generate greater trade and investment opportunities. Russian President Vladimir Putin, Kazakhstan's leader Kassym-Jomart Tokayev and President of the Kyrgyz Republic Sadyr Japarov were among those who attended the meeting. The EPA is expected to further enhance private-sector collaboration, strengthen supply chains and empower entrepreneurs and SMEs to expand their operations globally. Building on years of economic cooperation, bilateral non-oil trade between the UAE and EAEU nations grew by 27 per cent in 2024 to reach US$29 billion, while trade between the two partners witnessed a fourfold increase since 2021.
Al Etihad
14 hours ago
- Business
- Al Etihad
On behalf of UAE President, Crown Prince of Abu Dhabi attends Supreme Eurasian Economic Council meeting
27 June 2025 17:37 ABU DHABI (ALETIHAD)On behalf of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has attended the Supreme Eurasian Economic Council meeting, held on Friday at the Palace of Independence in Minsk, meeting brought together heads of state and government from the member countries of the Eurasian Economic Union (EAEU), chaired by His Excellency President Alexander Lukashenko of the Republic of Belarus. The United Arab Emirates participated as a guest of honour alongside leaders from invited nations including Uzbekistan, Cuba, Azerbaijan, Turkmenistan, Mongolia, Zimbabwe and Myanmar. During the meeting, His Highness Sheikh Khaled bin Mohamed bin Zayed delivered the UAE's address, conveying the greetings of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, to the participating heads of state and government, along with best wishes for the success of the summit and continued prosperity for the peoples of the EAEU member Highness Sheikh Khaled bin Mohamed bin Zayed also expressed his appreciation to His Excellency President Alexander Lukashenko for the warm welcome and hospitality and for inviting the UAE to participate in the Supreme Eurasian Economic Council meeting hosted by the Republic of Highness reaffirmed the UAE's commitment to strengthening its relations with the member states of the EAEU and to advancing together towards new horizons of shared growth and economic partnership. His Highness underscored the importance of fostering closer cooperation to generate greater trade and investment opportunities for both Supreme Eurasian Economic Council meeting was attended by Their Excellencies Vladimir Putin, President of the Russian Federation; Alexander Lukashenko, President of the Republic of Belarus; Kassym-Jomart Tokayev, President of the Republic of Kazakhstan; Sadyr Japarov, President of the Kyrgyz Republic; and Nikol Pashinyan, Prime Minister of the Republic of in attendance were Their Excellencies Shavkat Mirziyoyev, President of the Republic of Uzbekistan; Ilham Aliyev, President of the Republic of Azerbaijan; Serdar Berdimuhamedow, President of Turkmenistan; Miguel Díaz-Canel, President of the Republic of Cuba; Ukhnaagiin Khürelsükh, President of Mongolia; Emmerson Mnangagwa, President of the Republic of Zimbabwe; and Min Aung Hlaing, Prime Minister of the Republic of the Union of the meeting, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and leaders of the member states of the Eurasian Economic Union witnessed the exchange of the Economic Partnership Agreement (EPA) with the Eurasian Economic Union that aims to eliminate trade barriers and unlock opportunities in vital sectors, including renewable energy, logistics and construction Highness highlighted that the agreement marks a significant milestone in UAE-EAEU relations, serving as a catalyst to further increase trade volumes and unlock new avenues of economic underscored that the UAE, through the EPA, aims to strengthen ties between business communities, investors and entrepreneurs across UAE and EAEU member states, laying a foundation for robust economic cooperation while reflecting the depth of friendship and constructive collaboration binding the UAE and the EAEU member agreement is expected to further enhance private-sector collaboration, strengthen supply chains, and empower entrepreneurs and SMEs to expand their operations on years of economic cooperation, bilateral non-oil trade between the UAE and EAEU nations grew by 27 per cent in 2024 to reach $29 billion, while trade between the two partners witnessed a fourfold increase since 2021. The EPA was signed by His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade; His Excellency Mher Grigoryan, Deputy Prime Minister of the Republic of Armenia; Her Excellency Natalia Petkevitch, Deputy Prime Minister of the Republic of Belarus; His Excellency Serik Zhumangarin, Deputy Prime Minister – Minister of National Economy of the Republic of Kazakhstan; His Excellency Daniyar Amangeldiev, First Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic; His Excellency Alexey Overchuk, Deputy Prime Minister of the Russian Federation; and His Excellency Bakytzhan Sagintayev, Chairman of the Eurasian Economic Commission Board.
