The UAE and Republic of the Congo signed a comprehensive economic partnership agreement (CEPA) in a move aimed at enhancing bilateral trade and investment flows between the two countries.

The agreement was signed at Qasr Al Bahr in Abu Dhabi during a ceremony witnessed by President Sheikh Mohamed bin Zayed Al Nahyan and Denis Sassou Nguesso, President of the Republic of the Congo.

Signatories included Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Christian Yoka, Minister of Finance, Budget, and Public Portfolio for the Republic of the Congo.

Sheikh Mohamed said the CEPA would serve to strengthen the strategic relationship between the two nations and expand the scope of economic collaboration.

He noted that both countries share a common vision focused on sustainable development and economic diversification, expressing hope that the agreement would mark the beginning of a new phase of cooperation across various commercial sectors.

President Sassou Nguesso welcomed the signing of the CEPA, describing it as a milestone in the pursuit of shared ambitions for economic growth. He affirmed the Republic of the Congo’s commitment to developing its economic partnership with the UAE to support the progress and wellbeing of both nations.

UAE-Congo CEPA eliminates non-tariff barriers

The CEPA eliminates or reduces customs duties, dismantles non-tariff barriers, enhances market access for services exports, and creates new channels for investment.

Under the agreement, tariffs will be eliminated over five years on 99.5 per cent of UAE export lines and 98 per cent of Republic of the Congo export lines.

The deal is expected to raise bilateral non-oil trade from $3.1bn in 2024 to $7.2bn by 2032.

Non-oil trade between the two countries has seen consistent growth, rising by 4.2 per cent in 2024 compared to 2023, 44.4 per cent compared to 2022, 52 per cent compared to 2021, and nearly doubling since 2019.

The CEPA follows the signing of three key agreements in 2023 covering double taxation avoidance, investment protection, and air transport.

The UAE’s broader foreign trade strategy includes forming strategic partnerships globally, aiming to double the size of its economy by 2031.

In 2024, the UAE’s non-oil trade in goods reached a record $817bn, up 14.6 per cent from 2023 and 56.8 per cent higher than 2021. CEPA deals are a core part of the country’s ambition to reach $1.1tn in total non-oil trade by 2031.

Read: CEPA programme – UAE global trade ties grow with 26 strategic alliances

Major stocks indexes sank in Asia on Wednesday after President Donald Trump’s eye-watering 104 per cent tariffs on China took effect, while a savage selloff in Treasuries sparked fears foreign funds were fleeing US assets.

The US dollar fell against safe-haven currencies, but the onshore yuan hovered just above the lowest level since late 2007 as Beijing allowed the currency to depreciate further amid the sharp escalation in the trade war with US.

Assets that were spared recession fears

Few assets were spared the recession fears engulfing markets, with oil prices diving almost 4 per cent.

The pain is likely to spread to Europe too, with EUROSTOXX 50 futures pointing to a 3.7 per cent drop upon open. Both S&P 500 futures and Nasdaq futures dropped 1.6 per cent.

Read-Dubai, Abu Dhabi stock markets fall amid global sell-off

Overnight, Washington confirmed 104 per cent duties on imports from China would take effect at 12:01 a.m. Eastern Time (0401 GMT), as planned. That deadline passed without new developments on trade.

US-China war

“US and China are stuck in an unprecedented, and expensive, game of chicken, and it seems that both sides are unwilling to back down,” said Ting Lu, chief China economist at Nomura.

“Given the extraordinarily fluid situation, it is impossible to reasonably estimate the impact of the ongoing US-China trade war on China’s economy.”

The shifting headlines on tariffs and the spectre of a prolonged trade war between the world’s two biggest economies sparked sharp volatility in financial markets.

The S&P 500 was swept up in one of the biggest reversals in at least the last 50 years, with the benchmark index losing 4.2 percentage points from a positive start to a negative finish. The index has lost $5.8n in stock market value, the deepest four-day loss since it was created in the 1950s.

What is China doing to protect against tariffs?

Late on Tuesday, Trump said China was manipulating currency to protect against tariffs, but he thought China would make a deal at some point.

China’s blue chips reversed earlier losses to rise 0.3% likely underpinned by continued support from Beijing. Hong Kong’s Hang Seng index .HSI fell 1.6 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.9 per cent.

Other stock markets in Asia were also deep in the red. Japan’s Nikkei tumbled 3.6 per cent, after rallying 6 per cent on Wednesday on hopes that Tokyo may get some trade deal with the US. Taiwanese stocks also fell 4.6 per cent even though the government activated a $15bn stabilisation fund.

US tariffs on China: Are they pushing global economy into recession?

Analysts at JPMorgan believed the rapid escalation with US tariffs on China were disruptive enough to push the global economy into recession.

“Given the import bill from China, the China tariff alone amounts to a whopping $400bn tax hike on US households and businesses,” they said in a note to clients. “The currency is likely to be a release valve for China policymakers.”

The People’s Bank of China on Wednesday set its guidance for the yuan at 7.2066 per dollar, the weakest level since September 2023. That pushed the onshore yuan down to 7.3499 per dollar, just a tad stronger than the 7.3510 level which is the weakest since late 2007.

In the Treasuries, the benchmark 10-year yield rose 24 basis points to 4.501 per cent, an unusual move in the Asia time zone, which brought the total rise over the past three days to a whopping 51 bps.

The 30-year yield surged 28 bps tp 5.023 per cent, the highest since late 2023

Currency markets

In currency markets, safe-haven currencies like the yen and Swiss franc found some more love, with the dollar skidding 0.8 per cent to 145.10 yen and down 0.5 per cent to 0.8430 Swiss franc.

Elsewhere, the Reserve Bank of New Zealand cut interest rates by 25 bps to 3.5 per cent, and opened the door for potentially bigger cuts as it warned about downside risks to the economy from global trade barriers.

Oil prices dived almost 4 per cent on Wednesday on concerns about demand from China. Brent futures plunged 3.7 per cent to $60.50 a barrel, while US crude futures also tumbled 4.1 per cent to $57.16 per barrel.

Gold regained its upward momentum and was last up 0.7 at $3,005 per ounce.

Short sellers targeting US companies have gained $127bn on paper from April 2 through Monday after President Donald Trump’s plans for sweeping tariffs sparked a sharp selloff in stocks, according to data and analytics company Ortex Technologies.

The data, for US companies with market capitalisation $1bn and greater, showed short sellers’ gains for 2025 through Monday at $189bn.

Read- Trump tariffs: More than $5tn wiped off markets in two days

Short sellers aim to profit by selling borrowed shares and buying them back later at a lower price.

These bearish investors profited since April 2 as Trump’s plans for extensive tariffs against US trading partners set off a plunge of roughly $5tn in market value for the S&P 500 index.

Short interest for various stock indexes from around the globe increased rapidly from March 31 and peaked on April 4 before starting to drop, data from Ortex showed.

Falling short interest typically indicates investors growing less bearish as well as profit-taking.

“It seems fair to say that some short sellers seem to be looking to lock in their gains,” Ortex cofounder Peter Hillerberg said.

On Tuesday, the S&P 500 was up 2.8 per cent in late morning trade.

In this interview with Gulf Business, Sanmeet Singh Kochhar, VP for HMD Europe and AMEA, shares how the company is pioneering a human-first design ethos through the launch of its new HMD Family division.

With rising interest in healthier digital habits, modularity, and eco-conscious innovation across the AMEA region, HMD, Kochhar says, is focused on shaping a more mindful future for mobile tech. Here are excerpts from the discussion.

The launch of the new HMD Family division, with a focus on human-first design and parental input, is a notable move. Can you elaborate on the core philosophy behind this division and how HMD aims to address the growing concerns around children’s digital wellbeing, as highlighted by your research?

At HMD, we put the human back in the mobile devices, and that is exactly what we did here. We believe in creating technology that enhances lives without compromising well-being. The HMD Family division was established to provide solutions that balance connectivity with digital responsibility.

We started the ‘Better Phone Project at HMD last July, a collaborative community project to co-create a safer and better phone. Parents asked for better options —now, after working with parents and teens across 84 countries and speaking to nearly 40,000 families, HMD is launching two new devices this year, starting with the HMD Fusion X1 this May, designed to help teens build healthy digital habits while staying more protected

More than half of children have been regularly contacted online by someone they don’t know, new research from HMD has revealed. One in three children has been asked to take conversations to private messaging apps, and nearly 40 per cent have been exposed to harmful online content, including explicit or violent material.

Our research highlights increasing concerns from parents regarding screen time, online safety, and the impact of smartphones on children’s mental health. By integrating parental input into our design process, we ensure that our products offer features like controlled screen time, location tracking, and simplified user experiences tailored for younger audiences. That’s why HMD is introducing the HMD Fusion X1, a phone built as a “first step” into the digital world, designed to give teens independence while ensuring parents have the controls they need for peace of mind.

The introduction of the HMD Fusion X1 in partnership with Xplora seems a direct response to the ‘Better Phone Project’ report. How does this collaboration specifically foster healthy digital habits for children, and what key features differentiate it in the market?

The HMD Fusion X1 was inspired by the Better Phone project. And is a result of our commitment to fostering positive digital habits.

Our collaboration with Xplora brings a fresh approach by ensuring children remain connected without unnecessary distractions. Key safety features through include:

• Parental controls are deeply integrated into the operating system, giving parents a simple yet powerful way to guide their teen’s digital experience.
• Social media and browser controls – Parents decide when (or if) these features are enabled.
• Safe calls & messaging – Only pre-approved contacts can get through.
• GPS tracking and safety zones – Parents receive alerts when teens leave designated safe areas.
• Stay Focused Mode – Blocks access during school hours or bedtime, reducing distractions when it matters most.

Your research indicates over half of children aged eight-12 perceive themselves as suffering from phone addiction. How does HMD intend to leverage the insights from the Better Phone Project report across its broader product portfolio to mitigate this issue?

We must remember that smartphones aren’t just tech, they are all an integral part of our daily life and society itself. HMD is building solutions with children and parents in mind, and change is possible when families — not corporations — lead the conversation. Our “Better Phone Project Report” serves as a guiding framework for developing solutions that promote digital wellbeing.

Across our portfolio, we are integrating features such as Detox Mode, customisable parental controls, and time management settings. By prioritising user wellbeing in our device software and hardware, we aim to create a healthier relationship between users and their digital lives.

The collaboration with FC Barcelona and the launch of the HMD Barça 3210 and HMD Barça Fusion with a “detox mode” is an interesting strategic move. What is the rationale behind this partnership, and how does the detox mode specifically cater to the needs of users seeking a healthier digital lifestyle?

Our collaboration with FC Barcelona aligns with our vision of inspiring individuals to live active, balanced lives. The HMD Barça 3210 (this is a feature phone so does not have detox mode) The HMD Barça Fusion incorporates Detox Mode, a feature designed to encourage users to disconnect from distractions and engage in real-world activities.

By allowing customisable restrictions on social media and app usage, Detox Mode helps users take control of their screen time and foster a healthier digital lifestyle. In the end, you can’t enjoy football with a phone in your hand, these devices put screen time second and living in the moment first, the phones help you stay in your own game.

HMD has reported double-digit growth in its feature phone range for a second year, with new models like the HMD 130 Music, 150 Music, and 2660 Flip. What are the key drivers behind this continued success in the feature phone segment within the AMEA region, and what specific consumer needs are these devices addressing?

The growth in our feature phone segment is driven by a combination of reliability, affordability, nostalgia and new innovations to this space. Many consumers in the AMEA region seek devices that offer durability, long battery life, and ease of use. Additionally, feature phones provide a simpler, distraction-free alternative to smartphones, catering to those looking for a more focused digital experience. Our recent models, including music-centric and flip designs, cater to a variety of lifestyle preferences.

The Amped Buds, with their unique wireless charging case for smartphones, represent a novel approach. What inspired this innovation, and how do you see this feature resonating with consumers in the AMEA region?

The Amped Buds were inspired by the increasing demand for convenience and multi-functionality in tech accessories. Being caught out without tunes or power isn’t fun. In regions where power accessibility can be a challenge, a wireless charging case that doubles as a power bank for smartphones adds tremendous value. This feature resonates well with consumers who need reliable on-the-go solutions, ensuring uninterrupted connectivity and entertainment. Innovation in HMD Amped Buds, is not limited to its powerful 1600mAh battery, it combines premium wireless earbuds with superb sound quality, ANC, and ENC to dial out ambient noise, plus an ultra-slim, sleek case compatible with devices that support wireless charging.

The mobile market in the AMEA region is highly competitive. How does HMD differentiate itself from other players in both the smartphone and feature phone segments?

We understand this region and have a very long and successful history in it. HMD differentiates itself through a strong emphasis on sustainability, repairability, and human-first design. Our commitment to modular designs, like the HMD Fusion, allows users to personalize and extend the lifespan of their devices. Additionally, we maintain a balance between innovation and affordability, ensuring our products remain accessible to a broad audience without compromising on quality or functionality.

What specific market trends and consumer preferences are you observing in the AMEA region that are influencing HMD’s product strategy and go-to-market approach?

We are witnessing a growing interest in digital well-being, modularity, and sustainability. Consumers are looking for devices that align with their values, offering customisability, repairability, and mindful usage. Additionally, the rise of mobile gaming and content creation is driving demand for devices with high-performance cameras and accessories. Our product strategy is centered on meeting these evolving needs while ensuring accessibility and affordability.

Beyond the “human-first” design, how is HMD integrating sustainability into its product development and overall business operations within the AMEA region?

Sustainability is at the core of HMD’s mission. We integrate eco-friendly materials, reduce electronic waste through repairable devices, and promote responsible recycling initiatives. Our Gen 2 repairability approach allows users to replace key components like batteries and screens, extending device longevity and reducing environmental impact. Additionally, we are committed to reducing packaging waste and carbon emissions across our supply chain.

What are the key priorities and strategic directions for HMD in the AMEA region, and what are your expectations for market growth?

At HMD, we are proud to think ahead and anticipate customer needs which is why we are a leader in repairable devices and are introducing new devices to families. Our key priorities include expanding our modular device ecosystem, strengthening our sustainability initiatives, and fostering deeper collaborations with industry partners. We anticipate continued growth in both the smartphone and feature phone segments, driven by our focus on digital wellbeing, affordability, and repairability.

With the increasing demand for user-centric innovation, we are confident that HMD will continue to be a leading player in the AMEA mobile market.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, met Indian Prime Minister Narendra Modi in New Delhi today at the start of his official visit to India.

During the meeting, Sheikh Hamdan conveyed the greetings of UAE President Sheikh Mohamed bin Zayed Al Nahyan; UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum; and Vice President, Deputy Prime Minister and Chairman of the Presidential Court Sheikh Mansour bin Zayed Al Nahyan. He also relayed their wishes for India’s continued growth and development.

Prime Minister Modi reciprocated the sentiments, extending greetings to the UAE leadership and expressing hopes for further prosperity and progress for the Gulf nation and its people.

Sheikh Hamdan and PM Modi discuss ties

The two leaders discussed the deepening strategic partnership between the UAE and India, underscoring a shared vision and commitment to enhancing bilateral ties. Both sides emphasised the importance of expanding cooperation based on their longstanding relationship and mutual development objectives.

Sheikh Hamdan reaffirmed the UAE’s pride in the sustained growth of its partnership with India, citing decades of mutual respect, shared interests and collective pursuit of progress. He expressed confidence in achieving further gains in strategic areas such as investment, trade, tourism, industry, infrastructure, logistics, energy, food security, advanced technology, artificial intelligence, digital transformation, and space.

He also noted the significance of other sectors including healthcare, education and defence, which feature prominently in both countries’ development agendas.

Sheikh Hamdan highlighted the contribution of the Indian community to the UAE’s development, and said the country remains committed to offering an inclusive and supportive environment for all residents. He pointed to the UAE’s world-class infrastructure, efficient logistics, and flexible legislative framework as pillars supporting business growth and investment.

Praising India’s economic transformation under Prime Minister Modi, Sheikh Hamdan said the UAE looks forward to evolving the bilateral partnership to better address global challenges and capitalise on new opportunities.

The leaders stressed the importance of leveraging the comprehensive economic partnership agreement and the Bilateral Investment Treaty to encourage more investment and facilitate new joint ventures.

The talks also covered the need to enhance private sector collaboration and mutual investments, with both sides exploring prospects for establishing new economic partnerships based on the development momentum in both countries.

Regional and global issues were also on the agenda. The leaders underscored the importance of dialogue in resolving disputes, preserving regional stability, and ensuring secure and prosperous futures for their respective nations and the wider world.

Sheikh Hamdan meets with India’s Minister of External Affairs

Following his meeting with PM Modi, Sheikh Hamdan met Dr Subrahmanyam Jaishankar, India’s Minister of External Affairs, at Hyderabad House in New Delhi.

The meeting focused on reviewing the strong and long-standing ties between the UAE and India, with both sides exploring avenues to further enhance cooperation across various sectors.

Business forum held

In other news, Dubai Chambers also concluded the Dubai–India Business Forum in Mumbai, held on the sidelines of the official visit of Sheikh Hamdan to India. The forum, which explored opportunities to strengthen strategic economic ties between Dubai and India, attracted more than 200 senior officials and investors, including a high-level delegation of 39 prominent business leaders from Dubai.

Inputs from Dubai Media Office.