UAE celebrates global reach of Cepa programme

AAP Image/Lukas Coch via Reuters

• 24 trade deals in three years
• Nations represent 2.5bn people
• Non-oil exports up 25%

The UAE has agreed trade agreements with countries and international blocs that account for a quarter of the world’s population, the Emirates’ trade minister said.

The UAE has concluded 24 comprehensive economic partnership agreements (Cepa) since it launched the programme more than three years ago, covering around 2.5 billion people.

A total of 15 Cepas have been signed – six are in force and nine are awaiting implementation.

The UAE has concluded negotiations on a further nine Cepas which are awaiting signing and enforcement.

The programme aims to increase the country’s non-oil trade to $1 trillion in value by 2031 and double the size of its economy to over $800 billion by 2030.

Dr Thani Al Zeyoudi, minister of state for foreign trade, said the UAE will continue to expand the programme in 2025, targeting increased investments and encouraging trade opportunities in goods, services and re-exporting.

In the first six months of this year, UAE foreign trade exceeded a record AED1.3 trillion ($379.85 billion), up 11.2 percent compared to the same period last year.

Al Zeyoudi said the agreements signed so far have increased the UAE’s business activity in logistics, clean and renewable energy, technology, financial services, green industries, advanced materials, agriculture and sustainable food systems.

The UAE’s Central Bank said the UAE increased its non-oil exports by 25 percent in the first half of the year, thanks mainly to a 50 percent lift in gold and a 47 percent rise in jewellery compared with the same period last year.

Iraq was the UAE’s top non-oil export partner, followed by India and Hong Kong.

The most exported non-oil goods were gold, jewellery and tobacco products.

Imports increased 11 percent. Again, gold topped the list followed by telecommunications equipment and motor vehicles. The largest volume of imports came from China, India and the US.

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Meanwhile, progress continues with the UAE’s expected trade deal with the Mercosur bloc, Brazil’s President Luiz Inácio Lula da Silva told President Sheikh Mohammed bin Zayed in a telephone call on Monday.

The leaders spoke for around 30 minutes to discuss issues on their bilateral agenda, Brazil’s presidency said in a statement.

Lula said the Mercosur negotiations for a Cepa with the UAE were progressing and are expected to be concluded in the coming months.

The Mercosur bloc includes Argentina, Brazil, Paraguay and Uruguay. Bolivia joined in July. 

The UAE previously said a Cepa with Mercosur would have a “positive impact” on trade and investment ties.