UAE, Central African Republic Cepa to boost trade beyond $1bn
DUBAI, 4 days ago
The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Central African Republic will create further growth and prosperity opportunities for business communities in both countries, boosting bilateral trade beyond AED3.67 billion ($1 billion) over the next five to seven years, reported Wam.
The agreement was signed by Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Patrick Akoloza, Minister of Trade and Industry for the Central African Republic in the presence of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Faustin-Archange Touadéra, President of the Central African Republic.
Sheikh Mohamed said the signing of the Cepa marks a new phase in the UAE’s relationship with the Central African Republic, driven by their shared vision for growth and sustainable development to achieve mutual economic and social benefits.
He highlighted that the agreement aims to open new avenues for trade, investment, and cooperation that serve the interests of both nations.
Touadéra welcomed the signing of the agreement, expressing hope that it would strengthen economic ties between the two countries and contribute to sustainable development and economic prosperity for both countries.
Non-oil trade between the UAE and the Central African Republic reached approximately $252 million in 2024, reflecting a 75% increase compared to the previous year.
The UAE’s non-oil exports to the Central African Republic include essential consumer goods such as food products, textiles, and electronics, as well as machinery and pharmaceuticals that support key sectors across Africa.
Meanwhile, the Central African Republic exports agricultural products, including coffee, cotton, and cassava, to the UAE, in addition to valuable mineral resources such as gold and diamonds.
The Cepa is expected to increase market access for locally produced goods in both countries by reducing or eliminating tariffs, removing non-tariff trade barriers, and boosting investment in key sectors, including agriculture, infrastructure, and technology.
As the UAE continues to expand its global trade network, the agreement underscores its commitment to strengthening strategic economic ties with African nations, recognising the continent’s growing role in the global economy.
The non-oil trade between the UAE and the Central African Republic continues to grow, reaching over AED925 million in 2024, highlighting the rapid expansion of trade exchanges between the two countries, said Al Zeyoudi.
"The Cepa ensures a high level of trade liberalisation, with the UAE granting a 98% tariff removal for goods from the Central African Republic, while the latter extends a 99.5% tariff removal for UAE exports, offering significant opportunities for Emirati exporters to expand in the African market," he noted.
The minister pointed out that the Cepa provides extensive investment opportunities across various service sectors, including telecommunications, hospitality, logistics, financial technology, and broader business sectors.
It also enhances trade and investment cooperation in strategic sectors such as aluminium, ceramics, petrochemicals, iron, silver, gold, food products, and textiles, he added.-TradeArabia News Service
