The United Arab Emirates (UAE) and the Republic of the Congo have signed a Comprehensive Economic Partnership Agreement (CEPA) aimed at enhancing trade and investment relations between the two nations.
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Denis Sassou Nguesso, President of the Republic of the Congo, witnessed the signing of a CEPA between the two countries.
The deal with the Republic of the Congo supports the UAE’s aim to deepen ties with strategic markets around the world as part of efforts to double the size of the UAE economy by 2031.
According to the statement, the UAE-Republic of the Congo CEPA will support these efforts by eliminating or lowering customs duties, removing non-tariff barriers to trade, increasing market access for exporting services, and establishing new avenues for investment.
Under the CEPA, duties will be eliminated over five years on 99.5 percent of tariff lines for UAE exports and 98 percent of tariff lines for Republic of the Congo exports. The deal is projected to boost bilateral non-oil trade from the $3.1 billion recorded in 2024 to $7.2 billion by 2032.
The agreement further strengthens the growing ties between the UAE and the Republic of the Congo, with non-oil trade between the two countries rising by 4.2 percent in 2024 compared to 2023, 44.4 percent compared to 2022, 52 percent compared to 2021, and nearly doubling compared to 2019.
It also follows the signing of three strategic agreements between the countries in 2023, including a double taxation avoidance agreement, an investment promotion and protection agreement, and an air transport agreement.
HH Sheikh Mohamed bin Zayed Al Nahyan emphasized the importance of the agreement in strengthening the strategic relationship between the UAE and the Republic of the Congo and broadening the horizons of joint economic cooperation.
The UAE President noted that the two nations share a common vision for achieving progress and sustainable development, with a focus on economic diversification and enhancing opportunities for growth and prosperity.
His Highness further expressed his hope that the agreement would usher in a new phase of cooperation between the two nations across various economic and commercial sectors.
For his part, President Denis Sassou Nguesso welcomed the signing of the CEPA, highlighting its importance in advancing the shared vision and ambitions of both nations for sustainable economic growth and prosperity. The Congo President affirmed his country’s keenness to enhance its economic partnership with the UAE in a way that benefits both nations and advances the well-being and progress of their people.
