The United Arab Emirates and the Republic of Angola have exchanged a Comprehensive Economic Partnership Agreement (CEPA).
Formalized during the visit of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan to Angola, the CEPA will spur further growth in economic cooperation between the UAE and Angola while stimulating trade and expanding investment and coordination between the business communities of both countries.
His Highness stated that the agreement represents an important step in strengthening the UAE’s strategic partnerships with African nations that share its vision for economic growth and sustainability.
His Excellency João Manuel Lourenço, President of the Republic of Angola, welcomed the exchange of the CEPA and various memoranda of understanding, underscoring their importance in reinforcing and diversifying economic cooperation to benefit the peoples of both nations.
Rep.Image Via: WAM | Cropped by GBN
The CEPA was exchanged by His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, and His Excellency Rui Miguêns de Oliveira, Angolan Minister of Industry and Commerce.
The CEPA deepens economic ties between the UAE and Angola by eliminating or reducing customs duties, removing unnecessary barriers to trade, expanding market access for service exports, and generating new opportunities for investments.
With non-oil trade between the UAE and Angola reaching $2.17 billion in 2024 and continuing to grow in the first half of this year by 29.7 percent to $1.4 billion, the UAE-Angola CEPA is expected to further stimulate trade and investment flows, benefiting both countries and their peoples.
Several memoranda of understanding (MoUs) were also signed between the UAE and Angola, including;
An MoU in the field of artificial intelligence,
An MoU between the Central Bank of the UAE and the National Bank of Angola, and
An MoU between Al Dahra and the Angolan Ministry of Agriculture and Forestry.
The two sides also announced several agreements and MoUs covering diverse areas, including political consultations, diplomatic cooperation, tourism, investment, renewable energy, culture, education, labour, sports, health, climate action, and technology, among other fields that serve the development aspirations of both countries.
