Negotiations are ongoing with several other countries, such as Serbia, Ukraine, Eurasia, Australia, the Philippines, Malaysia, Costa Rica, Kenya, Chile, and Vietnam.
On Monday, the UAE and Mauritius inked a Comprehensive Economic Partnership Agreement (CEPA), marking the first such pact with an African country.
Under this agreement, over 95% of tariffs on traded goods and services will be reduced or eliminated from customs duties.
Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, expressed the aim of fostering economic growth and generating increased opportunities for both nations.
Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, emphasized that this was the first agreement of its kind with an African country, highlighting the UAE’s commitment to continually advancing its relations with Africa.
Dr Thani bin Ahmed Al Zeyoudi, UAE’s minister of state for foreign trade, along with Maneesh Gobin, minister of foreign affairs and regional integration and international trade of Mauritius, signed the agreement.
Al Zeyoudi stated during a press conference on Monday that investments totaling $13 billion had flowed from the UAE to Mauritius, and $2.2 billion had flowed in the opposite direction.
“For CEPA, we focus on countries that can add value to our economy while we add to theirs. Mauritius’ economic model shows that the impact of trade will be more significant compared to other countries,” Al Zeyoudi commented.
Maneesh Gobin, minister of foreign affairs, regional integration, and international trade in Mauritius, mentioned that his country was also the first among African nations to sign a free trade agreement with China.
“Mauritius provides an ideal platform, and we take pride in being a gateway to Africa,” he added.
CEPA With 14 Countries
The UAE has entered into Comprehensive Economic Partnership Agreements (CEPAs) with multiple countries, including India, Israel, Indonesia, Georgia, Turkey, and Cambodia, aimed at reducing or eliminating tariffs, removing trade barriers, and expanding market opportunities for exporters and investors.
Simultaneously, negotiations are ongoing with several other nations such as Serbia, Ukraine, Eurasia, Australia, the Philippines, Malaysia, Costa Rica, Kenya, Chile, and Vietnam.
Juma Al Keit, assistant under-secretary for foreign trade affairs at the UAE’s Ministry of Economy, noted that over 14 CEPAs have either been finalized or are nearing completion. “We are currently in discussions to establish CEPA with various countries across Africa, Asia, and Latin America.”
Al Keit highlighted that Mauritius relies significantly on services, which account for more than 65% of its GDP. He emphasized the removal of barriers in this sector under the agreement, providing UAE and Mauritian service providers enhanced opportunities across sectors like logistics, aviation, maritime, tourism, and financial services.
Furthermore, Al Keit pointed out that the CEPA will facilitate SMEs’ access to international markets. “The agreement will streamline import-export processes and enhance transparency in documentation, making it easier for SMEs to expand internationally.
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