Dr. Thani Al Zeyoudi, the Minister of State for Foreign Trade, remarked on the remarkable growth of the UAE’s Comprehensive Economic Partnership Agreement programme (CEPA) in 2023.
He stated that three deals have been implemented, two are signed and pending implementation, and four are agreed upon, bringing the total CEPA partners to 10 across four continents.
Reduction in Tariffs and Increased Market Access for UAE’s CEPAs
This expansion significantly enhances the UAE’s foreign trade network, offering more opportunities for the country’s private sector in dynamic global economies. Throughout a pivotal year, the UAE’s CEPAs with Türkiye, Indonesia, and Israel became active, reducing tariffs and opening market opportunities.
Furthermore, CEPAs were signed with Cambodia and Georgia, set for implementation in the first half of 2024. Agreements were also made for CEPAs with South Korea, Colombia, Mauritius, and Congo-Brazzaville.
The UAE initiated CEPA negotiations with several countries, including Serbia, Ukraine, Eurasia, Australia, the Philippines, Malaysia, Costa Rica, Kenya, Chile, and Vietnam, according to WAM.
The CEPA program, including the partnership with India, is projected to boost UAE’s exports by 33% and contribute over AED153 billion to the national GDP by 2031. This represents nearly 10% growth in 2022 and secures access to markets comprising almost 2 billion people.
Trade is now a cornerstone of the UAE’s economic development, aligning with the ‘We The UAE 2031’ vision. Al Zeyoudi emphasized trade as a central component of the UAE’s domestic success and growing international influence, particularly as the host of the World Trade Organisation’s 13th Ministerial Conference in February.
Highlighting achievements, he noted the UAE’s non-oil foreign trade reaching an all-time high of AED 1.24T in the first half of 2023, with exports at AED 205B.
The UAE’s commitment to open and inclusive trade is evident in initiatives like the Trade Tech initiative, Services Export Strategy, and a re-export programme.
At COP28, the UAE played a pivotal role in securing an official Trade Day, emphasizing the role of public and private sectors in creating a cleaner, smarter, and more inclusive trading system. As Chair of MC13 in February 2024, Al Zeyoudi will advocate for trade expansion and modernisation, particularly for inclusive, sustainable development in developing nations.
