UAE To Expand Comprehensive Economic Partnership Agreements In 2025, Says Dr. Thani Al Zeyoudi

The UAE is set to expand its Comprehensive Economic Partnership Agreements (CEPAs) by 2025, aiming to include more countries. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted the benefits these agreements bring to the UAE and its global partners. He noted that CEPAs will bolster international trade based on rules, promote sustainable growth, boost investments, and create more opportunities in goods, services, and re-exporting.

Dr. Al Zeyoudi explained that the UAE's CEPAs programme is crafted to broaden commercial and investment ties globally. This positions the UAE as a crucial gateway for non-oil goods and services and a central hub for business and investment. He stressed that these agreements align with the UAE's vision of free trade as a driver of sustainable economic growth and inclusive development.

The diversity of these agreements allows the UAE to forge valuable partnerships across five continents. This significantly enhances opportunities for various sectors and opens new markets. Dr. Al Zeyoudi pointed out that CEPAs have already positively impacted several areas of the UAE's foreign trade, especially in non-oil trade, re-export services, logistics, clean energy, technology, financial services, green industries, advanced materials, agriculture, and sustainable food systems.

The minister highlighted that CEPAs continue to have a direct effect on the country's foreign trade data. This influence extends to vital sectors like advanced technology. Since its inception in September 2021 until early December 2024, the UAE has signed 24 CEPAs with countries and international blocs. These agreements cover around 2.5 billion people or about a quarter of the world's population.

In the first half of 2024 alone, UAE foreign trade achieved a historic milestone by exceeding AED1.395 trillion. This reflects an 11.2% increase compared to the same period in 2023. Growth rates were also notable at 28.8%, 54.7%, and 66% when compared to similar periods in 2022, 2021, and 2019 respectively.

Dr. Al Zeyoudi emphasised that these agreements mirror the UAE's commitment to fostering international partnerships that are mutually beneficial. "These agreements reflect our vision," he stated, underscoring their role in driving sustainable economic growth through clear rules-based free trade.

The ongoing expansion of CEPAs showcases the UAE's dedication to enhancing its global trade footprint while supporting diverse sectors within its economy. By targeting additional countries for partnership by 2025, the UAE aims to maximise benefits not only for itself but also for its international trading partners.

With inputs from WAM