Two Comprehensive Economic Partnership Agreements (CEPA) between the UAE and Costa Rica, and the UAE and Mauritius, came into effect, paving the way for enhanced trade and investment with these rapidly growing economies in strategic locations.
The UAE-Costa Rica and UAE-Mauritius CEPAs will reduce tariffs on a wide range of goods, streamline customs processes, and create investment opportunities in key sectors within the UAE, Central America, and Africa.
These agreements represent the seventh and eighth CEPA deals the UAE has implemented, following successful agreements with India, Israel, Türkiye, Indonesia, Cambodia, and Georgia since the programme’s launch in 2021.
As the UAE aims to increase foreign trade to AED 4 trillion ($1.1 trillion), it has twelve additional agreements signed, pending ratification, further solidifying its role as a global trade hub.
Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, commented: “The launch of these CEPAs with Costa Rica and Mauritius marks a key milestone in our foreign trade efforts, aiming to forge stronger connections with the world’s most dynamic markets. These deals will unlock new opportunities for our private sector, from boosting food security to advancing clean energy adoption.”
Al Zeyoudi also noted that the CEPA programme contributed to record non-oil trade in 2024, which reached $817 billion, a 14.6 per cent increase compared to 2023.
The CEPA programme now includes 27 completed agreements, providing UAE businesses with access to over a quarter of the global population.
The UAE-Costa Rica CEPA, signed in April 2024, builds on a 27.5 per cent increase in non-oil trade, reaching $82.6 million in 2024. Under the agreement, 99.8 per cent of UAE exports to Costa Rica will benefit from reduced or zero customs duties.
The UAE-Mauritius CEPA is expected to increase non-oil trade from $209.8 million to $500 million within five years, with a fourfold increase in exports. Over 97 per cent of UAE exports to Mauritius will enjoy tariff reductions within five years under this agreement.
