UAE And Republic Of The Congo Strengthen Ties With Comprehensive Economic Partnership Agreement

President His Highness Sheikh Mohamed bin Zayed Al Nahyan and President Denis Sassou Nguesso of the Republic of the Congo have witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between their nations. The ceremony took place at Qasr Al Bahr in Abu Dhabi, with His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and His Excellency Christian Yoka, Minister of Finance for the Republic of the Congo, signing the agreement.

The CEPA aims to bolster economic ties by eliminating or reducing customs duties and non-tariff barriers. It will also enhance market access for services and create new investment opportunities. Over five years, duties will be removed on 99.5% of UAE export tariff lines and 98% for Congolese exports. This is expected to increase bilateral non-oil trade from USD 3.1 billion in 2024 to USD 7.2 billion by 2032.

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His Highness Sheikh Mohamed bin Zayed highlighted the agreement's role in strengthening strategic relations between the UAE and the Republic of the Congo. He emphasised shared goals for progress and sustainable development through economic diversification. The agreement is seen as a step towards enhancing growth opportunities across various sectors.

President Denis Sassou Nguesso expressed enthusiasm about the CEPA's potential to advance mutual ambitions for sustainable economic growth. He stressed his country's commitment to deepening its partnership with the UAE, aiming to benefit both nations' economies and improve their citizens' wellbeing.

The CEPA supports the UAE’s strategy to expand ties with key global markets, contributing to its goal of doubling its economy by 2031. The agreement is part of broader efforts to increase total non-oil trade to USD 1.1 trillion by that year. In 2024, UAE's non-oil trade reached a record USD 817 billion, up 14.6% from 2023.

Non-oil trade between the UAE and Congo has been growing steadily, increasing by 4.2% in 2024 compared to 2023, and significantly more compared to previous years. This follows three strategic agreements signed in 2023: a double taxation avoidance agreement, an investment promotion and protection agreement, and an air transport agreement.

Future Economic Prospects

The CEPA is expected to usher in a new era of cooperation across economic sectors between the two countries. It aligns with both nations' visions for sustainable development and economic diversification. By removing barriers and enhancing market access, it sets a foundation for increased trade and investment flows.

The deal not only strengthens bilateral ties but also supports broader regional integration efforts. It reflects both countries' commitment to fostering economic partnerships that drive growth and prosperity while ensuring mutual benefits for their populations.

With inputs from WAM