The UAE’s Comprehensive Economic Partnership Agreements (CEPA) with Costa Rica and Mauritius have come to effect, paving the way for increased trade and investment opportunities with both countries.
These agreements will minimize tariffs on a diverse array of goods, streamline customs procedures, and develop pathways for investment into high-priority sectors both in the UAE and across the Central American and African markets.
With these two deals, the UAE marks its seventh and eighth Comprehensive Economic Partnership Agreements to come into effect, following the successful implementation of CEPAs with India, Israel, Türkiye, Indonesia, Cambodia and Georgia since the launch of the CEPA program in 2021.
As the UAE strives to boost its foreign trade to $1.1 trillion (AED4 trillion), it has signed twelve further agreements and awaiting ratification with global markets, reinforcing the nation’s position as a hub for trade and a global gateway for goods and services.
Dr. Thani bin Ahmed Al Zeyoudi UAE Minister of State for Foreign Trade
“The implementation of our Comprehensive Economic Partnership Agreements with Costa Rica and Mauritius reflects a significant step forward in our nation’s foreign trade program and its aim to establish stronger, more integrated trading relationships with the most dynamic markets around the world. These CEPAs, enhancing connectivity to centers of growth in Central America and Africa, are a catalyst for deeper economic collaboration, unlocking a range of opportunities for our private sector and driving forward our shared goals, from enhancing food security to accelerating clean energy adoption.”
Al Zeyoudi also stressed the program’s significant contribution to non-oil trade in 2024, which reached an all-time high of $817 billion, marking a 14.6 percent increase compared to 2023. Currently, the CEPA program has 27 concluded deals, expanding the UAE businesses’ access to more than a quarter of the world’s population.
Signed in April 2024, the UAE-Costa Rica CEPA builds on non-oil trade of more than $82.6 million in 2024, following substantial growth of 27.5 percent over 2023.
Under this move, 99.8 percent of the UAE exports to Costa Rica will benefit from zero or reduced customs duties. Additionally, the partnership will support strategic capital exchange, adding to the UAE’s $673 million investment in Central America.
The CEPA with Mauritius opens access to one of Africa’s most promising economies. Within 5 years, it is expected to boost the value of non-oil bilateral trade from $209.8 million to $500 million, including a fourfold increase in the UAE exports to Mauritius.
Under the CEPA, more than 97 percent of the UAE exports to Mauritius will benefit from immediate tariff elimination or gradual tariff reduction over a maximum of 5 years.
