Page 273 - MOE ENGLISH PR REPORT - JULY 2024

7/29/24, 3:18 PM UAE, Morocco finalise comprehensive free trade agreement
renewed, and solid partnership between the two brotherly countries. The agreement, which strengthens the legal
framework between the two countries, aims to support the development of trade and investment by opening new
opportunities to upgrade the level of joint cooperation in economic and commercial fields.”

Morocco is the sixth-largest economy on the African continent, with a GDP of $152.4bn in 2023, projected to grow

by 3.5 per cent in 2024. While agriculture remains the largest employer, the services sector is the largest contributor
to GDP, accounting for 54 per cent, with the industrial sector contributing 23 percent.

The UAE’s CEPA programme aims to increase the country’s non-oil foreign trade to Dhs4tn by expanding relations
with strategically important markets around the world. In 2023, the UAE’s non-oil trade in goods reached an all-time
high of US$710bn, a 12.6 per cent increase from 2022 and 34.7 per cent more than 2021.

Morocco is the latest African nation to conclude CEPA terms with the UAE, following Mauritius, Kenya, and Congo-
Brazzaville.

This agreement is expected to further enhance the economic cooperation between the UAE and Morocco, fostering
a new era of mutually beneficial trade and investment opportunities.

Read: UAE, Mauritius sign comprehensive economic partnership agreement

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