Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, reveals remarkable expansion of UAE's Comprehensive Economic Partnership Agreement program in 2023. Three deals executed, two pending, and four agreed, bringing the total CEPA partners to 10 across four continents. Dr. Thani Al Zeyoudi emphasizes the significant growth of the UAE's foreign trade network through expanded Comprehensive Economic Partnership Agreements. These agreements unlock immense opportunities for the private sector in vibrant global economies, fostering trade by eliminating tariffs, trade barriers, and opening new horizons for exporters and investors. Furthermore, the UAE inked CEPAs with burgeoning economies like Cambodia and Georgia, slated for implementation in H1 2024. Additionally, terms were set for CEPAs with South Korea, Colombia, Mauritius, and Congo-Brazzaville. Notably, CEPA negotiations commenced with Serbia, Ukraine, Eurasia, Australia, the Philippines, Malaysia, Costa Rica, Kenya, Chile, and Vietnam. The CEPA initiative, encompassing the partnership with India established in May 2022, is expected to boost UAE's exports by 33% and contribute over Dhs153 billion to the national GDP by 2031—reflecting nearly 10% growth from 2022. Furthermore, these flagship CEPAs provide access to markets comprising approximately 2 billion individuals, equivalent to a quarter of the world's population, ensuring enduring advantages for the UAE economy.
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