The UAE’s Comprehensive Economic Partnership Agreement (CEPA) is expected to increase the UAE’s exports by 33%.
The CEPA program is projected to contribute more than AED153 billion ($41.6 billion) to the national GDP by 2031 - representing growth of almost 10 percent in 2022.
According to a recent report, three deals were implemented in 2023, two more signed and awaiting implementation, and four were agreed upon their terms, in addition to a partnership agreement with India - taking the total number of CEPA partners since the launch of the program to 10.
Over the course of a pivotal year for trade, the UAE’s CEPAs with Türkiye, Indonesia, and Israel came into force, removing or reducing tariffs, eliminating trade barriers, and opening up market opportunities for exporters and investors.
In addition, CEPAs were signed with the emerging economies of Cambodia and Georgia, both of which will be implemented in the first half of 2024, while terms were also agreed upon for CEPAs with South Korea, Colombia, Mauritius, and Congo-Brazzaville.
The UAE also commenced CEPA negotiations with a number of other countries, including Serbia, Ukraine, Eurasia, Australia, the Philippines, Malaysia, Costa Rica, Kenya, Chile and Vietnam.
Economic partnership
The UAE's Minister of State for Foreign Trade, Thani al-Zeyoudi, stressed that the year 2023 witnessed a number of achievements within the UAE’s foreign agenda through the CEPA program.
He also noted that the flagship CEPA program has secured access to markets that account for nearly 2 billion people, or a quarter of the world’s population.
“Trade has always been important to the UAE, a bridge that has connected our products, skills and natural resources to the world and infused our economy with its latest ideas and innovations. But, as underlined by the ‘We the UAE 2031’ vision, launched at the end of 2022 by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, it is now a cornerstone of our economic development and diversification ambitions.”
Al-Zeyoudi also highlighted that, in the first half of 2023, the UAE’s non-oil foreign trade reached an all-time high of AED1.24 trillion ($337 billion), with exports climbing to AED205 billion ($55.8 billion) - another record.
