UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Denis Sassou Nguesso, President of the Republic of the Congo, witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the two nations. This significant agreement was formalized during a ceremony at Qasr Al Bahr in Abu Dhabi, with His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE minister of State for Foreign Trade, and His Excellency Christian Yoka, minister of Finance, Budget, and Public Portfolio for the Republic of the Congo, as signatories.
This agreement is anticipated to elevate bilateral non-oil trade from the $3.1 billion recorded in 2024 to $7.2 billion by 2032.
Importance of the agreement in strengthening strategic ties
His Highness Sheikh Mohamed bin Zayed emphasized the crucial role of the agreement in fortifying the strategic relationship between the UAE and the Republic of the Congo. He remarked on the shared vision both nations possess for fostering progress and sustainable development, with a strong emphasis on economic diversification and enhancing opportunities for growth and prosperity. His Highness expressed optimism that the agreement would pave the way for a new era of collaboration across various economic and commercial sectors.
President Nguesso’s commitment to economic partnership
In response, President Denis Sassou Nguesso welcomed the signing of the CEPA, underscoring its significance in furthering the mutual vision and ambitions of both nations towards sustainable economic growth and prosperity. He reaffirmed his country’s dedication to strengthening its economic partnership with the UAE, aiming for mutual benefits that enhance the wellbeing and progress of their peoples.
Supporting UAE’s economic growth goals
The deal with the Republic of the Congo aligns with the UAE’s objective to deepen connections with strategic markets globally, as part of broader efforts to double the size of the UAE economy by 2031. The UAE-Republic of the Congo CEPA will facilitate these efforts by eliminating or reducing customs duties, dismantling non-tariff barriers to trade, increasing market access for service exports, and creating new investment opportunities. Under the CEPA, duties will be removed over a period of five years on 99.5 percent of tariff lines for UAE exports and 98 percent of tariff lines for Republic of the Congo exports.
Strengthening bilateral trade relations
The agreement further consolidates the burgeoning ties between the UAE and the Republic of the Congo, with non-oil trade between the two nations increasing by 4.2 percent in 2024 compared to 2023, 44.4 percent compared to 2022, 52 percent compared to 2021, and nearly doubling since 2019. This development follows the signing of three strategic agreements in 2023, including a double taxation avoidance agreement, an investment promotion and protection agreement, and an air transport agreement, WAM reported.
Foreign trade as cornerstone of UAE’s economic strategy
Foreign trade continues to be a fundamental pillar of the UAE’s economic agenda. In 2024, the UAE’s non-oil trade in goods achieved an unprecedented high of $817 billion, representing a 14.6 percent increase over 2023 and 56.8 percent more than in 2021. Comprehensive Economic Partnership Agreements are essential in achieving the ambitious target of $1.1 trillion in total non-oil trade by 2031.
