The strategic UAE-Congo CEPA fosters economic growth and business collaboration through the lowering of tariffs and other business-positive incentives.
In a significant move towards furthered economic collaboration, the UAE and Congo finalize the terms of their CEPA, unlocking new opportunities for mutual growth. The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Jean-Baptiste Ondaye, Minister of Economy and Finance for the Republic of Congo-Brazzaville.
The United Arab Emirates and Congo have successfully concluded negotiations, solidifying the terms of their Comprehensive Economic Partnership Agreement (CEPA). This landmark pact marks a strategic alliance, fostering economic cooperation and paving the way for shared prosperity.
The CEPA – Strengthening bilateral economic ties
The CEPA underscores the commitment of both the UAE and Congo to fortify their economic relationship. By establishing a framework for collaboration, businesses in both nations are poised to benefit from enhanced trade and investment opportunities. The accord is a testament to the shared vision of fostering economic growth through strategic partnerships.
Al Zeyoudi said of the signing, “The conclusion of negotiations towards a Comprehensive Economic Partnership Agreement with the Republic of Congo-Brazzaville marks an important progression in our efforts to strengthen economic ties not only with the African continent but a strategic partner with which we have seen non-oil trade more than double in the first half of 2023.
The terms of the CEPA encompass various sectors, including trade, investment, and technology exchange. Both countries are set to leverage each other’s strengths to drive innovation and create a conducive environment for businesses to thrive.
Implications for businesses
As the UAE and Congo finalize the CEPA, businesses from both nations can anticipate a more streamlined and supportive environment for cross-border collaborations. This accord not only opens up avenues for market access but also encourages the exchange of expertise and resources, fostering a robust business ecosystem.
The conclusion of the CEPA sets the stage for future collaborative endeavors between the UAE and Congo. As the business landscape evolves, both nations can explore new possibilities, creating a foundation for sustained economic growth and development.
The total value of non-oil trade between the UAE and Congo-Brazzaville reached approximately $2.2 billion in 2022, a growth of 5% compared to 2021 and a growth of 29% compared to 2020.
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