UAE And Central African Republic Strengthen Ties With Comprehensive Economic Partnership Agreement Signing
President His Highness Sheikh Mohamed bin Zayed Al Nahyan and President Faustin-Archange Touadéra of the Central African Republic observed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between their nations. This agreement is designed to boost trade and investment opportunities, focusing on key sectors. The UAE's Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and the Central African Republic's Minister of Trade and Industry, Patrick Akoloza, signed the agreement.
The CEPA aims to enhance market access for locally produced goods by reducing or eliminating tariffs and removing non-tariff barriers. It also seeks to increase investment in critical sectors such as agriculture, infrastructure, and technology. This initiative aligns with the UAE's strategy to expand its global trade network and strengthen economic ties with African countries.
His Highness Sheikh Mohamed bin Zayed Al Nahyan remarked that the CEPA signifies a new chapter in relations with the Central African Republic. He emphasised that this partnership is driven by a shared vision for growth and sustainable development, aiming to achieve mutual economic and social benefits. The agreement is expected to open new avenues for trade, investment, and cooperation that benefit both nations.
President Faustin-Archange Touadéra expressed optimism about the agreement's potential to bolster economic ties between the two countries. He highlighted its role in promoting sustainable development and economic prosperity for both nations.
In 2024, non-oil trade between the UAE and the Central African Republic reached approximately USD 252 million, marking a 75% increase from the previous year. The UAE exports essential consumer goods like food products, textiles, electronics, machinery, and pharmaceuticals to support key sectors across Africa.
The Central African Republic exports agricultural products such as coffee, cotton, cassava, along with valuable minerals like gold and diamonds to the UAE. These exchanges highlight the diverse range of goods traded between the two countries.
Future Prospects
The CEPA programme is integral to the UAE's goal of increasing total non-oil trade to USD 1.1 trillion by 2031. It has significantly contributed to enhancing access to high-growth markets. In 2024 alone, the UAE's total trade volume reached a record USD 816 billion, reflecting a 14.6% increase from 2023.
During their meeting, both leaders also announced several agreements and memoranda of understanding covering areas like investment protection and promotion, double taxation avoidance, infrastructure development, mineral resources management, and education cooperation.
This agreement underscores the UAE’s commitment to forging strategic economic partnerships with African nations as they play an increasingly significant role in global economics.
With inputs from WAM
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