The UAE and Japan are negotiating a Comprehensive Economic Partnership Agreement (CEPA) to enhance their $17.3B trade relationship. President Sheikh Mohamed bin Zayed Al Nahyan emphasised that the ties between the two countries are founded on a long history of strategic cooperation across various sectors. He expressed hope that the CEPA discussions would strengthen these connections, creating new opportunities for collaboration and fostering sustainable economic growth.
As CEPA negotiations advance, Sheikh Mohamed highlighted the mutual commitment to elevating bilateral cooperation. He noted that the agreement would facilitate investment and support innovation, playing a crucial role in the UAE’s economic diversification efforts while enhancing collaboration between their business communities.
Japanese Prime Minister Fumio Kishida underscored the significance of initiating CEPA negotiations, stating that a balanced and ambitious agreement would strengthen economic relations and contribute to various fields between Japan and the UAE. This announcement aligns with the Comprehensive Strategic Partnership Initiative launched during Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s visit to Japan in September 2022.
The CEPA talks also support the UAE’s strategy to expand trade partnerships through its CEPA programme, initiated in September 2021 to promote sustainable growth by removing trade barriers and improving market access. The UAE is Japan’s top trading partner in the Arab world, receiving 40 per cent of Japan’s exports to Arab nations, while Japan ranks among the UAE’s top ten global partners.
In the first half of 2024, non-oil trade reached $8.1B, with total trade for 2023 standing at $17.3B, reflecting a 17.4 per cent increase from 2022. Kamikawa welcomed the CEPA negotiations and expressed hope for strengthened bilateral relations through expanded trade and investment.