President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Denis Sassou Nguesso, President of the Republic of the Congo, at present witnessed the signing of a Complete Financial Partnership Settlement (CEPA) between the 2 nations. The settlement was signed at a ceremony held at Qasr Al Bahr in Abu Dhabi by His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Overseas Commerce, and His Excellency Christian Yoka, Minister of Finance, Finances, and Public Portfolio for the Republic of the Congo.
His Highness Sheikh Mohamed bin Zayed emphasised the significance of the settlement in strengthening the strategic relationship between the UAE and the Republic of the Congo and broadening the horizons of joint financial cooperation. He famous that the 2 nations share a standard imaginative and prescient for attaining progress and sustainable growth, with a give attention to financial diversification and enhancing alternatives for development and prosperity.
His Highness expressed his hope that the settlement would usher in a brand new section of cooperation between the 2 nations throughout varied financial and business sectors.
For his half, President Denis Sassou Nguesso welcomed the signing of the CEPA, highlighting its significance in advancing the shared imaginative and prescient and ambitions of each nations for sustainable financial development and prosperity. He affirmed his nation’s keenness to reinforce its financial partnership with the UAE in a method that advantages each nations and advances the wellbeing and progress of their peoples.
The cope with the Republic of the Congo helps the UAE’s goal to deepen ties with strategic markets world wide as a part of efforts to double the dimensions of the UAE economic system by 2031.
The UAE-Republic of the Congo CEPA will help these efforts by eliminating or decreasing customs duties, eradicating non-tariff obstacles to commerce, growing market entry for exporting companies, and establishing new avenues for funding. Underneath the CEPA, duties might be eradicated over a interval of 5 years on 99.5% of tariff traces for UAE exports and 98% of tariff traces for Republic of the Congo exports. The deal is projected to spice up bilateral non-oil commerce from the USD 3.1 billion recorded in 2024 to USD7.2 billion by 2032.
The settlement additional strengthens the rising ties between the UAE and the Republic of the Congo, with non-oil commerce between the 2 nations rising by 4.2% in 2024 in comparison with 2023, 44.4% in comparison with 2022, 52% in comparison with 2021, and practically doubling in comparison with 2019. It additionally follows the signing of three strategic agreements between the nations in 2023, together with a double taxation avoidance settlement, an funding promotion and safety settlement, and an air transport settlement.
Overseas commerce stays the cornerstone of the UAE’s financial agenda. In 2024, the UAE’s non-oil commerce in items reached an all-time excessive of USD817 billion, marking a 14.6% enhance on 2023 and 56.8% greater than 2021. Complete Financial Partnership Agreements are a essential pillar in reaching the goal of USD1.1 trillion in complete non-oil commerce by 2031.
Comply with Emirates 24|7 on Google Information.