The United Arab Emirates (UAE) and Mauritius have concluded the terms of a Comprehensive Economic Partnership Agreement (CEPA), marking the first concluded by the UAE with an African nation.
This agreement paves the way for increased trade and investment flows as well as 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 Mr. Maneesh Gobin, Minister of Foreign Affairs, Regional Integration and International Trade of Mauritius.
Dr. Thani bin Ahamed Al-Zeyoudi UAE Minister of State for Foreign Trade
“Strategically located in the vital Indian Ocean, and with a growth-orientated economic vision that matches our own, Mauritius is a welcome and valued partner in the UAE’s CEPA program and our efforts to maximize bilateral opportunities borne from open, rules-based trade. With the potential to add a full 1 percent to the Mauritius economy by 2031 and enhancing the UAE’s GDP by 1.2 percent in the same period, a UAE-Mauritius Comprehensive Economic Partnership Agreement offers considerable benefits for us both – it will do so by not only boosting trade flows, but creating new pathways for strategic investment, private-sector and academic collaboration, and SME support.”
The CEPA will cover Trade in Goods and Services, Investment Facilitation amongst others, building on almost five decades of ties, and more recent foundations including the opening of the Dubai office of the Mauritius Economic Development Board.
Once implemented, it will accelerate robust growth in non-oil bilateral trade between the UAE and Mauritius, which in the first half of 2023 stood at $63.1 million, with opportunities strongest in the chemicals, metals, and petroleum products sectors.
“It is expected that the CEPA will further improve the business climate and remove any impediments to trade in goods, trade in services, and investment flows. Furthermore, the first CEPA between the UAE and an African country will surely play a pivotal role in the establishment of joint ventures, the movement of professionals, and the strategy of both countries towards their participation in regional value chains. We look forward to working with the UAE to develop and implement such strategies,” Mr. Gobin added.
