Today's Edition
Allan Jacob (ABU DHABI)
Three Comprehensive Economic Partnership Agreements (CEPA) signed recently with Malaysia, New Zealand and Kenya demonstrate the diversity of the UAE's trade ambitions, said UAE Minister of State for Foreign Trade Thani Al Zeyoudi, on Monday. Through CEPAs it is clear that UAE wants to be hub of global trade, with the minister state that these deals "cement the UAE's position at the heart of global trade".
Al Zeyoudi termed the recent CEPAs a "triple-header" of trade deals for a strong start to the year in a post on LinkedIn. These deals will accelerate the free flow of goods and services between the countries.
The agreement signings were witnessed by President His Highness Sheikh Mohamed bin Zayed Al Nahyan at the Abu Dhabi Sustainability Week, and "reflect the UAE’s continued commitment to building global partnerships that drive growth, innovation and sustainability," the minister said.
Since 2022, the UAE has inked CEPAs with 24 countries across five continents, which expand its global market reach to 2.5 billion people. The speed of the rollout of these pacts starting with India in 2022, prove the UAE's ambitions in global trade as it diversifies its economy.
This year's agreement with Malaysia has a focus on manufacturing, the Halal economy, and renewable energy. This will build on the $4 billion in non-oil trade recorded in the first nine months of 2024 between the two sides.
The pact with New Zeland will boost food security, advanced technologies, and sustainable development. This is expected to drive bilateral trade to $5 billion by 2032.
Agriculture, ICT and logistics opportunities opportunities will be "unlocked" under the deal with Kenya. Trade ties between the UAE and Kenya reached $3.1 billion in the first nine months of 2024 – a 29.1% increase over the previous year.
"The year ahead will bring more deals that will connect our businesses and exports to global opportunities – and support our vision of economic growth and diversification," said the minister.
These bilateral agreements have helped enhanced market access for goods between the UAE and other countries and lowered or eliminated tariffs. Customs procedures have also been simplified through these agreements, rules have been made transparent, while it has promoted rules-based competition.
