The UAE and Mauritius Forge Comprehensive Economic Partnership Agreement
December 28, 2023
Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, and Pravind Jugnauth, Prime Minister of Mauritius. Photo courtesy
In a groundbreaking move, the United Arab Emirates (UAE) and Mauritius have successfully concluded negotiations for a Comprehensive Economic Partnership Agreement (CEPA). This agreement marks the first of its kind between the UAE and an African nation, signifying a significant milestone in economic collaboration.
A Comprehensive Economic Partnership Agreement (CEPA) is essentially a pact between two countries aimed at enhancing economic cooperation. It covers various aspects, including trade in goods and services, investment facilitation, and collaboration in different sectors. The primary goal is to boost economic ties, increase trade and investment flows, and foster collaboration between the private sectors of the involved nations.
The UAE Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, and Mauritius’s Minister of Foreign Affairs, Regional Integration, and International Trade, Maneesh Gobin, officially confirmed the conclusion of negotiations by signing a statement in Mauritius.
Once the UAE-Mauritius CEPA is in place, it is expected to accelerate growth in non-oil trade between the two nations. In the first half of 2023, non-oil trade stood at $63.1 million, with significant opportunities identified in the chemicals, metals, and petroleum products sectors.
Dr. Al Zeyoudi highlighted the strategic importance of Mauritius, emphasizing its location in the vital Indian Ocean and its growth-oriented economic vision. The CEPA is projected to contribute substantially to both countries’ economies, with potential gains of 1% to Mauritius and a 1.2% increase in the UAE’s gross domestic product by 2031.
The agreement is not only expected to boost trade flows but also create new pathways for strategic investment, private-sector collaboration, academic cooperation, and support for small and medium-sized enterprises (SMEs). The UAE-Mauritius Comprehensive Economic Partnership Agreement is a pivotal step toward strengthening economic ties between the two nations. By facilitating trade and investment, the agreement is expected to unlock new opportunities, drive economic growth, and contribute significantly to the development of both countries.
Contact us on divya@oramacorporate.com to discuss on how such agreements can be leveraged to boost business across Africa and the Middle East.
