President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Faustin-Archange Touadéra, President of the Central African Republic, witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the two nations, marking a significant step towards strengthening bilateral trade and investment relations.
The agreement, signed by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and His Excellency Patrick Akoloza, Central African Republic's Minister of Trade and Industry, aims to enhance market access, eliminate tariffs, and foster cooperation in key sectors such as agriculture, infrastructure, and technology.
His Highness Sheikh Mohamed bin Zayed Al Nahyan emphasised that the CEPA reflects the shared vision of both countries for sustainable economic growth, creating new avenues for trade and investment that will yield mutual benefits. President Touadéra expressed optimism that the agreement would bolster economic ties and contribute to long-term prosperity.
Non-oil trade between the UAE and the Central African Republic reached approximately USD 252 million in 2024, a 75% increase from the previous year. The UAE exports consumer goods, machinery, and pharmaceuticals, while the Central African Republic supplies agricultural products, gold, and diamonds. The CEPA is expected to further boost trade volumes and investment flows, strengthening both nations' economic landscapes.
In addition to the CEPA, both leaders witnessed the signing of several agreements and memoranda of understanding covering investment protection, double taxation avoidance, infrastructure development, mineral resources, and education. The partnership highlights the UAE's commitment to expanding its global trade network, particularly with African nations, as part of its vision to increase non-oil trade to USD 1.1 trillion by 2031.
News Source: Emirates News Agency
