Page 276 - MOE ENGLISH PR REPORT - JULY 2024

7/29/24, 3:18 PM UAE and Morocco finalize terms of a comprehensive economic partnership agreement

Morocco is the sixth largest economy on the African continent. In 2023, its GDP was US$152.4 billion
and is expected to grow by a further 3.5% in 2024. While agriculture remains the largest employer, the
services sector is the largest contributor to GDP accounting for 54%, with the industrial sector

contributing 23%.

The UAE’s CEPA program aims to increase the country’s non-oil foreign trade to AED4 trillion 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 $710 billion, a 12.6% increase on 2022 – and 34.7% more

than 2021. Morocco is the latest African nation to conclude CEPA terms with the UAE, following
Mauritius, Kenya and Congo-Brazzaville.

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