UAE, Republic of Congo sign CEPA to advance ties

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