Sharjah 24 – WAM: The United Arab Emirates and Mauritius have concluded the terms of a Comprehensive Economic Partnership Agreement (CEPA), marking the first concluded by the UAE with an African nation and paving the way for increased trade and investment flows and bilateral private-sector collaboration.
The conclusion of negotiations, which came just four months following the first round of talks, was confirmed by the signing of a joint statement in Mauritius by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Maneesh Gobin, Minister of Foreign Affairs, Regional Integration and International trade of Mauritius.
Building on almost five decades of ties, and more recent foundations including the opening of the Dubai office of the Mauritius Economic Development Board, the CEPA will cover Trade in Goods and Services, Investment Facilitation amongst others. Once implemented, it will accelerate robust growth in non-oil bilateral trade between the UAE and Mauritius, which in H1 2023 stood at US$63.1 million, with opportunities strongest in chemicals, metals and petroleum products sectors.
Prior to signing the CEPA joint statement, Al Zeyoudi met with Hemraj Ramnial, Chairman of the Mauritius Economic Development Board, followed by a meeting with the Prime Minister of Mauritius Pravind Kumar Jugnauth, to discuss the various opportunities this bilateral agreement will create to drive trade and investment between the two countries and with Louis Steven Obeegado, Deputy Prime Minister, Minister of Housing and Land Use Planning and Minister of Tourism.
The UAE’s CEPA programme is a key pillar of the nation’s growth strategy, which targets AED4 trillion (US$1.8 trillion) in total trade value by 2031 and doubling the size of the wider economy by 2030. To date, signed deals in the programme span the Middle East, Southeast Asia, Eastern Europe and Latin America – and encompass almost a quarter of the world’s population. The UAE-Mauritius CEPA will enter into force following the successful ratification process by both sides.
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