Page 619 - MOE ENGLISH PR REPORT - APRIL 2025 (Part 2)

4/7/25, 5:17 PM UAE Expands Global Trade with New CEPA Deals with Costa Rica & Mauritius
The UAE launched the Cepa programme in 2021 with the goal of reducing trade barriers,
making customs procedures simpler, and increasing investment in key industries. The
results have been promising so far. In 2024, the UAE achieved a record non-oil trade
value of $817 billion, which is a 14.6% increase compared to the previous year.

The UAE has set an ambitious target of reaching Dh4 trillion ($1.1 trillion) in foreign
trade by 2031. To achieve this, it has already signed 12 additional trade agreements that
are waiting to be approved. In total, the UAE has completed 27 trade agreements under
the Cepa initiative. In 2025 alone, five new agreements were signed with Malaysia, New
Zealand, Kenya, Ukraine, and the Central African Republic.

Negotiations are also underway with several major economies, including Japan. Talks
with Japan are expected to be finalized before the end of 2025.

The Cepa agreement with Costa Rica, which was signed in April last year, will eliminate
or reduce customs duties on 99.8% of UAE exports to the country. In 2024, trade between
the two nations reached $82.6 million, marking a 27.5% increase compared to 2023.

Similarly, the UAE Mauritius Cepa is expected to significantly boost trade between the
two countries. The non-oil trade value is projected to rise from $209.8 million to $500
million within the next five years. UAE exports to Mauritius will also benefit from
immediate or gradual tariff reductions, with more than 97% of exports receiving these
benefits within five years.

The UAE's trade agreements with other countries have already shown positive results. For
example, the UAE's non-oil trade with India grew by 20.5% in 2024, reaching Dh240.3
billion. Meanwhile, trade with Turkey increased by 11.5%, totaling Dh148.9 billion.

Dr. Al Zeyoudi highlighted how these partnerships are benefiting the UAE’s economy. In
2024, non-oil exports to partner nations reached Dh135 billion, which is a 42.3% increase
from the previous year. These exports now make up 24% of the UAE’s total exports.

Key industries benefiting from these agreements include logistics, clean and renewable
energy, advanced technology, financial services, green industries, and agriculture. By
focusing on these sectors, the UAE aims to create more business opportunities, strengthen
its economy, and maintain its position as a global trade leader.

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