His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, witnessed in the signing of a landmark Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
The agreement is the UAE’s first CEPA concluded with an African country and is expected to enhance UAE GDP by 0.96 percent, while adding more than 1 percent to the economy of Mauritius by 2030.
Removing tariffs
The CEPA was signed during a ceremony by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Maneesh Gobin, Minister of Foreign Affairs, Regional Integration and International Trade of Mauritius. It is set to deepen trade and investment ties, accelerate growth in priority industries, create jobs, strengthen supply chains, and streamline market access for UAE and Mauritian businesses. It will see Mauritius eliminate 99 percent of tariffs on imports from the UAE, while the UAE will eliminate 97 percent overall.
The new deal builds on growing UAE-Mauritius economic relations, which from January to April 2024 saw non-oil trade reach $76 million, an increase of 82.5 percent over the same period last year. In 2023, two-way trade value reached $170.4 million, a 14.5 percent growth compared to 2022.
“Our partnership agreement with the Republic of Mauritius reflects our shared vision and dedication to improving bilateral relations, promoting economic growth, and generating a wealth of opportunities for our peoples. Together, we will create a brighter future for our citizens and strengthen the bonds that unite us,” Sheikh Mohammed said.
“The UAE is an important partner in facilitating the free flow of global trade and investment, fostering international cooperation and maintaining regional stability,” said Prime Minister Jugnauth.
“Today, we embark on a journey that will not only strengthen our bilateral ties, but also pave the way for enhanced cooperation and collaboration in various sectors. This agreement is not just about eliminating barriers to trade in goods and services; it is about fostering a deeper understanding and partnership that will benefit both our economies and our people and the wider Gulf region and Africa,” he added.
Foreign trade remains key
The UAE is today the eighth-largest investor in Mauritius, with $13.2 billion invested in the country, supporting projects in tourism, real estate, renewable energy and technology.
Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023, the UAE’s non-oil trade in goods reached an all-time high of $701 billion, a 12.6 percent increase on 2022, and 34.7 percent more than 2021.
The Comprehensive Economic Partnership Agreements are a critical pillar in reaching the target of $1.1 trillion in total non-oil trade by 2031. The CEPA programme has already enhanced access to markets representing nearly two billion people, a quarter of the world’s population.
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