UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Denis Sassou Nguesso, President of the Republic of Congo, today witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries. The agreement was signed at a ceremony held at Qasr Al Bahri in Abu Dhabi by His Highness Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and His Excellency Christian Yoka, Minister of Finance, Budget and State Portfolio of the Republic of Congo, Sheikh Mohamed has reported.
His Highness Sheikh Mohamed bin Zayed stressed the importance of the agreement in strengthening the strategic relationship between the UAE and the Republic of Congo and expanding the horizons of joint economic cooperation. He noted that both countries share a common vision of achieving progress and sustainable development, with a focus on diversifying the economy and increasing opportunities for growth and prosperity. His Highness expressed his hope that the agreement will usher in a new phase of cooperation between the two countries in various economic and trade sectors.
President Denis Sassou Nguesso Welcomes the Signing of the Agreement
For his part, President Denis Sassou Nguesso welcomed the signing of the CEPA, stressing its importance in advancing the shared vision and ambitions of both countries for sustainable economic growth and prosperity. He reaffirmed his country’s commitment to strengthening its economic partnership with the UAE in a way that benefits both nations and contributes to the well-being and progress of their peoples. The agreement with the Republic of Congo supports the UAE’s goal of deepening ties with strategic markets around the world as part of its efforts to double the size of the UAE economy by 2031.
The UAE-Republic of Congo CEPA will support these efforts by eliminating or reducing customs duties, removing non-tariff barriers to trade, expanding market access for services exports and creating new avenues for investment. Under CEPA, duties will be eliminated over five years on 99.5% of tariff lines for UAE exports and 98% of tariff lines for Republic of Congo exports. The agreement is expected to increase bilateral non-oil trade from US$3.1 billion in 2024 to US$7.2 billion by 2032. The agreement further strengthens the growing ties between the UAE and the Republic of Congo, with non-oil trade between the two countries growing by 4.2% in 2024 compared to 2023, 44.4% compared to 2022, 52% compared to 2021 and almost doubling compared to 2019.
Signing of three strategic agreements
This also follows the signing of three strategic agreements between the countries in 2023, including a double taxation avoidance agreement, an investment promotion and protection agreement, and an air transport agreement. Foreign trade remains a cornerstone of the UAE’s economic agenda.
In 2024, non-oil trade in the UAE reached a historic high of US$817 billion, up 14.6% from 2023 and 56.8% from 2021. The Comprehensive Economic Partnership Agreements are an important step towards achieving the target of US$1.1 trillion in total non-oil trade by 2031.