The UAE’s Comprehensive Economic Partnership Agreements (CEPA) program made significant progress in 2023, according to Dr. Thani Al Zeyoudi, UAE minister of state for foreign trade. The past year witnessed the implementation of three deals, the signing of two more deals awaiting implementation, and agreements for four new partnerships. This brings the total number of CEPA partners since its launch to 10 across four continents.
Al Zeyoudi emphasized that this significant expansion in economic partnerships signifies a broadening of the UAE’s foreign trade network. This provides promising opportunities for the country’s private sector in some of the world’s most dynamic economies.
Key achievements
In a pivotal year for trade, CEPA agreements with Türkiye, Indonesia, and other states came into force. This eliminated trade barriers and created new market opportunities for exporters and investors. Additionally, the UAE signed economic partnership agreements with Cambodia and Georgia that will be implemented in the first half of 2024. The UAE also agreed on economic partnerships with South Korea, Colombia, Mauritius, and Congo-Brazzaville.
Global reach
The Comprehensive Economic Partnership Agreement program includes the landmark partnership with India enacted in May 2022. The program is projected to boost UAE exports by 33 percent, contributing over AED153 billion to the national GDP by 2031. Al Zeyoudi highlighted that the UAE’s economic partnership program has secured access to markets representing nearly 2 billion people. That is a quarter of the world’s population.
“Trade is a bridge that has connected our products, skills, and natural resources to the world. As underlined by the ‘We The UAE 2031’ vision, trade is now a cornerstone of our economic development and diversification ambitions,” stated Al Zeyoudi.
Notably, in the first half of 2023, the UAE’s non-oil foreign trade reached an all-time high of AED1.24 trillion. Exports recorded AED205 billion, another record for the nation.
Read: UAE, Qatar trade grows 68 percent, reaches AED 521 million
Inclusive trade
Apart from CEPA’s success, the UAE solidified its reputation as a champion of open and inclusive trade in 2023. Initiatives like the Trade Tech initiative with the World Economic Forum and a new Services Export Strategy are aimed at modernizing and facilitating international trade.
Moreover, the UAE played a crucial role at COP28, securing the inclusion of an official Trade Day. It is set to host the 13th Ministerial Conference of the World Trade Organization (MC13) in February 2024. Al Zeyoudi, as the chair of MC13, will advocate for the benefits of trade expansion and modernization. He emphasizes its role in delivering inclusive and sustainable development, especially for developing nations.
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