The UAE and the Republic of Congo have finalised a Comprehensive Economic Partnership Agreement (CEPA) to boost trade and investment ties between the two nations.
The agreement, confirmed by a joint statement signed 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, seeks to reduce tariffs, eliminate trade barriers, enhance market access, and promote investment in key sectors.
This move follows a notable increase in non-oil trade between the two countries, which surged by 134% in the first half of 2023, reaching $2.1 billion compared to the same period in 2022. The CEPA follows the signing of three key agreements in 2023, including those on double taxation avoidance, investment promotion and protection, and air transport.
“The conclusion of negotiations on the Comprehensive Economic Partnership Agreement signifies a pivotal step in strengthening our economic relations with Congo,” said Dr Al Zeyoudi. “This strategic partnership will bolster trade prospects, offering our exporters access to the African market and providing a vital link to Gulf and Asian markets.”
The Republic of Congo, situated in West-Central Africa and bordered by several countries, experienced a 5% growth in non-oil trade with the UAE in 2022, amounting to around $2.2 billion. The UAE is Congo’s eighth-largest export and 13th-largest import market. Additionally, the UAE represents approximately 72% of Congo’s non-oil trade with Arab nations.
