UAE, CAR Presidents witness signing of Comprehensive Economic Partnership Agreement

Photo: WAM

President His Highness Sheikh Mohamed bin Zayed Al Nahyan of the UAE and President Faustin-Archange Touadera of the Central African Republic (CAR) were present for the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the two countries. This agreement is aimed at boosting trade and investment, especially in important sectors that can benefit both nations.

The UAE’s Minister of State for Foreign Trade, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, signed the agreement on behalf of the UAE, while His Excellency Patrick Akoloza, the CAR Minister of Trade and Industry, signed on behalf of the Central African Republic.

His Highness Sheikh Mohamed bin Zayed Al Nahyan said that this CEPA marks the beginning of a new chapter in the relationship between the UAE and the CAR. He stressed that both countries share a vision for growth and sustainable development, and the agreement would open new doors for trade, investment, and cooperation that would benefit both nations.

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President Faustin-Archange Touadera also welcomed the signing, expressing his hope that the agreement would strengthen economic ties between the two countries and contribute to their long-term development and prosperity.

In 2024, non-oil trade between the UAE and CAR reached about $252 million, showing a 75% increase from the previous year. The UAE exports consumer goods like food, textiles, electronics, and machinery to CAR, along with pharmaceuticals that help different sectors across Africa. On the other hand, CAR exports agricultural products like coffee, cotton, and cassava to the UAE, as well as valuable minerals such as gold and diamonds.

The CEPA is expected to help both countries by making it easier to trade. It will reduce or remove tariffs, remove trade barriers, and encourage investment in key areas like agriculture, infrastructure, and technology.

This agreement also shows the UAE’s commitment to growing its global trade, especially with African nations, which are playing a bigger role in the global economy. The CEPA will help both countries increase their exports and open new opportunities for cooperation in different sectors.

The agreement is a key part of the UAE’s goal to grow its non-oil trade to $1.1 trillion by 2031. It is also an important step in helping the UAE reach its trade targets, with total trade reaching a record $816 billion in 2024, a 14.6% increase from 2023.

During the meeting, the two presidents also saw the announcement of other agreements and memoranda of understanding between the two countries. These agreements cover areas like investment protection, double taxation avoidance, infrastructure, mineral resources, and education, among others.