Wednesday, February 28, 2024

The United Arab Emirates and Mauritius have reached a comprehensive economic partnership agreement

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The United Arab Emirates and Mauritius have successfully concluded negotiations aimed at reaching a Comprehensive Economic Partnership Agreement, a first for the UAE with an African country.

The partnership paves the way for increased trade, investment flows and bilateral cooperation between the private sectors on both sides.

Minister of State for Foreign Affairs Dr. Thani Bin Ahmed Al-Sioudi and Minister of Foreign Affairs, Regional Integration and International Trade Manish Gobin signed a joint statement announcing the successful conclusion of the talks. The venue was during the visit of a high-level Emirati delegation to Mauritius led by Al-Sioudi.

The two sides finalized the terms of the agreement four months after the first round of talks, and it will be officially signed later, preparing to start procedures for its ratification and implementation in both countries. Effective later.

Al-Zeyoudi said, “The UAE and Mauritius enjoy two important strategic locations at the center of the international trade movement. Mauritius overlooks the Indian Ocean and has a development-oriented economic vision that is compatible with that of the UAE. , comprehensive economic partnership agreements and “transparent, rules-based trade. We consider Mauritius a key partner of the UAE within the country's efforts to mutually benefit from the resulting bilateral opportunities”.

He added: “With the potential to add a full 1% to the Mauritian economy by 2031 and increase the UAE's GDP by 1.2% over the same period, the Comprehensive Economic Partnership Agreement between the two countries offers many benefits to both sides, and it creates new avenues for trade and strategic investment, Not only through collaboration between the private and academic sectors and support for small and medium enterprises.”

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For his part, Gobin said: “The Comprehensive Economic Partnership Agreement is expected to improve the business environment and remove any barriers to trade in goods, trade in services and investment flows.”

He added: The first agreement between the UAE and African countries will certainly play an important role in establishing joint projects that will contribute to the achievement of the two countries' strategic goals in regional value chains. , and we look forward to working with our partners in the UAE to develop and implement the ambitious goals of this agreement.” “Partnership.”

The comprehensive economic partnership between the UAE and Mauritius builds on nearly five decades of friendly relations between the two sides, including the opening of an office in Dubai affiliated with the Mauritius Economic Development Board.

The agreement covers trade in goods, rules of origin, customs administration, trade facilitation, investment facilitation, trade in services and others.

Once implemented, it will accelerate the growth of non-oil bilateral trade between the UAE and Mauritius to $63.1 million in the first half of 2023, while increasing opportunities in the chemicals, metals and petroleum products sector.

Considered one of Africa's most promising economies, the Mauritian economy is projected to reach 8.5% GDP growth in 2022, the highest in 35 years.

Representing 67% of Mauritius' GDP, the services sector offers great potential for Emirati companies specializing in communications, computing, information, travel, transport and financial services looking to expand into the African region.

Through criteria established to identify and facilitate targeted investment, the agreement is expected to stimulate foreign direct investment in financial technology, healthcare and tourism sectors.

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Before signing the joint declaration to conclude the partnership agreement, Al-Siodi met with Mauritius Prime Minister Pravind Kumar Jagnath, Deputy Prime Minister and Minister of Housing, Land Use Planning and Tourism, Luis Stephen Obejato and the President. Economic Development Board, Hemraj Ramniel, where he discussed with them ways to advance bilateral relations, to new frontiers of constructive cooperation and common development.

The UAE's Comprehensive Economic Partnership Agreements program is a fundamental pillar of the country's development strategy, which aims to increase the value of non-oil foreign trade to four trillion dirhams by 2031 and double the size of the UAE economy by 2030.

So far, agreements signed under the program include the Middle East, Southeast Asia, Eastern Europe and Latin America – covering nearly a quarter of the world's population.

Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

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