UAE and Central African Republic Sign Comprehensive Economic Partnership Agreement

The UAE and Central African Republic have signed a Comprehensive Economic Partnership Agreement to enhance bilateral trade and investment. This pact aims to reduce tariffs and trade barriers, fostering growth in sectors like agriculture and technology. The agreement reflects the UAE’s goal to increase non-oil trade significantly by 2031. Non-oil trade between the countries reached $252 million in 2024, a 75% increase from the previous year.

The United Arab Emirates (UAE) and the Central African Republic (CAR) have officially entered into a Comprehensive Economic Partnership Agreement (CEPA), which aims to enhance bilateral trade and investment. This agreement is designed to improve market access for local products by reducing or eliminating tariffs and trade barriers while fostering investment across key sectors such as agriculture, infrastructure, and technology.

The signing ceremony took place in Abu Dhabi, officiated by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the President of the Central African Republic, Faustin-Archange Touadéra. The UAE was represented by Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, while the CAR was represented by Minister of Trade and Industry Patrick Akoloza.

This agreement underscores the UAE’s commitment to strengthening economic partnerships with African countries, reflecting its strategic goal to increase non-oil trade to $1.1 trillion by 2031. In the previous year, non-oil trade between the UAE and CAR surged to approximately $252 million, indicating a 75 percent increase from the prior year.

The CEPA further exemplifies the UAE’s expanding trade network as it seeks to establish more robust economic ties with nations across Africa. This innovative partnership is expected to catalyze mutual growth and create new opportunities for both countries.

The Comprehensive Economic Partnership Agreement between the UAE and Central African Republic marks a significant step in enhancing trade relations and investment opportunities. Through tariff reductions and the promotion of key sectors, both nations are poised for economic growth. This collaborative effort aims to further integrate the UAE into African markets, contributing to its ambitious non-oil trade goals for the coming years.

Original Source: www.dubaieye1038.com