UAE government officials have affirmed that the Comprehensive Economic Partnership Agreement (CEPA) signed with the Republic of Mauritius marks the beginning of a new era of development and joint cooperation in trade, economy, and investment.

The agreement aims to enhance the flow of trade and investments between the two countries and facilitate investment opportunities in various key sectors. The signing of this agreement is part of the UAE’s strategy to expand its non-oil trade to Dh4 trillion and to increase its exports to Dh800 billion by 2031.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, stated, “The Comprehensive Economic Partnership Agreement between the UAE and Mauritius is an important step in our efforts to forge strategic partnerships that consolidate our position as a hub for trade and investment, drive productivity in key export sectors, and increase the global competitiveness of our business ecosystem.”

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said, “The Comprehensive Economic Partnership Agreement between the UAE and Mauritius is a welcome development for our country, that will help develop an important trade corridor between the UAE and Africa and open up an emerging market to our investment community, especially for vital capital projects such as ports, transport hubs, and tourism infrastructure.”

He added, “The agreement will drive both countries’ energy landscapes, especially as Mauritius has an ambitious clean energy programme that seeks to increase the contribution of renewable energy to 60 per cent of the country’s electricity mix by 2030, with a focus on several energy sources including solar, wind, biomass, hydro, and waste-to-energy. The UAE, with its advanced technological know-how and extensive experience in renewable energy development, can be a valuable partner to Mauritius in this mission by supporting its transition to a sustainable, low-carbon economy – and potentially a model for the whole of Africa.”

He further said, “As a fast-growing economy strategically located between the Asian and African continents, Mauritius has the potential to be an important partner in these efforts, and we look forward to deepening our cooperation in the months and years ahead for the benefit of both nations.”

Opportunities for Private Sector

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said, “The Comprehensive Economic Partnership Agreement between the UAE and Mauritius is an important step in our foreign trade ambitions, and one that will open up new opportunities for the UAE’s private sector in a number of fields.”

He added, “The Mauritian economy is one of the most promising in Africa, posting an 8.5 per cent growth in GDP in 2022 – its fastest in 35 years. It also has a dynamic industrial sector, with textiles and light engineering playing an important role in its ongoing economic health.”

He further stated, “The potential for collaboration with our own industrialists and investors is significant, both in terms of supplying the Mauritian economy with the materials and resources it needs and in helping to develop their industrial base to ensure stronger, longer-term prosperity. This is an exciting opportunity to build an important industrial bridgehead into Africa.”

Gateway into Africa

Abdullah bin Touq Al Marri, Minister of Economy, said, “Mauritius is a rapidly growing economy that serves as an important gateway into Africa. With real GDP growth projected to reach 3.8 per cent and 4.2 per cent in 2024 and 2025, respectively, Africa has emerged as an important hub of global growth.”

He added, “The UAE-Mauritius Comprehensive Economic Partnership Agreement builds on nearly five decades of trade ties between our two nations and represents another important step in the expansion of our global trading network and our mission to double the size of our economy to Dh3 trillion by 2031.”

Al Marri further said, “It’s clear that greater economic integration between our nations will reap considerable rewards for us both. Our CEPA will enhance the flow of goods and services between the Gulf and Africa, create new market opportunities for our exporters, and increase investment into priority sectors such as logistics, manufacturing, tourism, and financial and professional services. We look forward to fully realising the benefits of this deal in the months and weeks ahead.”

Expanding Global Network

Mohammed Hassan Al Suwaidi, Minister of Investment, said, “The UAE is actively expanding its global network of investment and trade partners by establishing Comprehensive Economic Partnership Agreements with high-growth economies around the world. Mauritius, with an 8.5 per cent GDP growth in 2022, the highest in 35 years, is widely recognised as one of the most promising economies in Africa.”

He added, “The Comprehensive Economic Partnership Agreement between the UAE and Mauritius, the first of its kind with an African country, is expected to facilitate increased investment flows with this fast-growing economy. This agreement, particularly beneficial for Emirati companies specialised in the services sector, which accounts for approximately 67 per cent of Mauritius’s GDP, will unlock numerous opportunities for collaboration and investment.”

Al Suwaidi further said, “Sectors such as ICT, tourism, transport, and financial services are especially set for growth and represent attractive investment prospects for Emirati companies seeking to expand into Africa. We look forward to working with our partners in Mauritius to leverage the potential of this agreement and realise its ambitious goals.”

Food Security

Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and the Environment, said, “The UAE’s Comprehensive Economic Partnership Agreement with Mauritius is an important addition to the nation’s foreign trade agenda, particularly our pursuit of food security. Arable land is one of the most critical natural resources in Mauritius, representing nearly 40 per cent of the country’s total area, and our nations not only have the opportunity to develop this critical sector, but we can also join forces to offset the impact of climate change which threatens its long-term viability.”

She added, “Mauritius is already taking several important steps in this area, including reducing pesticides and driving self-sufficiency by promoting local crops, agri-processing, and smart agriculture. Our investors can support these efforts and develop value chains that deliver greater and more consistent benefits to producers – and ensure their products find new markets across Asia and on into Europe.”

Bilateral Relations Milestone

Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of State, said. “The Comprehensive Economic Partnership Agreement between the UAE and the Republic of Mauritius is an important milestone in our bilateral relations. Similar to the UAE, Mauritius has leveraged its strategic location between two continents to become a vibrant business and logistics hub. This CEPA will propel trade volumes to new heights and solidify the status of Mauritius as a global gateway to Africa. Furthermore, it will drive essential investment into key sectors of the Mauritian economy, in particular energy, mining, agriculture, and tourism, and ensure its financial system is built upon strong and sustainable foundations.”

Sheikh Shakhboot added, “The UAE’s latest Comprehensive Economic Partnership Agreement with Mauritius – the first the UAE has signed with a country in Africa – reflects our commitment to deepening our ties with Africa, a fast-growing continent that will be key to the world’s green energy and food security agendas in the decades to come.”

He stated, “The UAE has strengthened its international partnerships over the past five decades and continues to build economic competitiveness and sustainability. The objective is to become an international capital of investment and economic innovation, fostering development opportunities by signing comprehensive partnership agreements (CEPAs) with active economies.”

He also underlined that “The UAE has signed CEPAs with strategic partners and as part of its long-term strategy to diversify its economic ties and develop strong international partnerships in trading, industry, and investment, to create more opportunities for the people of the region to achieve vital economic development.”

Economy Diversification

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated, “The UAE remains firm in its belief that trade is the key to long-term, sustainable growth as well as the continued diversification of our economy. It is why we are seeking to increase the value of our non-oil foreign trade to Dh4 trillion by 2031, almost double the Dh2.23 trillion we recorded in 2022. Our Comprehensive Economic Partnership Agreement programme is a central component of this mission, creating a new network of trading partners across the world that will enable us to establish new market opportunities for our exporters, increase the flow of goods into our ports and industrial zones, create new avenues for investment and benefit from the latest innovations and ideas from the global economy.”

He added, “Our latest deal with Mauritius, a growth-oriented island nation strategically located in the Indian Ocean, is another important achievement. By eliminating or reducing tariffs, removing barriers to trade and enhancing market access, we will push our bilateral non-oil trade beyond $500 million within five years – and boost the UAE’s GDP by 0.96 per cent in the same period.”

‘Projects of the 50’

Ahmed Ali Al Sayegh, Minister of State, remarked. “The UAE-Mauritius Comprehensive Economic Partnership Agreement is a significant addition to our CEPA programme, which was a major component of the ‘Projects of the 50’, launched in September 2021 to strengthen the UAE’s position as a global trade, business and investment hub and cement the country’s reputation as a champion of international cooperation and regional stability.”

He added, “The agreement with Mauritius will deliver clear economic benefits to both nations and underpin the UAE’s efforts in supporting emerging nations leverage the advantages of the global trading system as they pursue long-term, sustainable development. This agreement will deliver a range of economic benefits to both countries, and we look forward to the increase in trade flows and investment projects it will now create.”

Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates, said, “The UAE continues to forge economic partnerships to achieve sustainable growth and enhance prosperity and stability regionally and globally.”

He added: “The Comprehensive Economic Partnership Agreement between the UAE and the Republic of Mauritius is part of the UAE’s efforts to strengthen international cooperation, boost economic growth, increase trade exchange, provide more investment opportunities, and stimulate and grow UAE exports by creating new sources of added value. As a model of financial and monetary stability with an efficient and resilient global financial system, the bilateral partnership agreement offers extensive opportunities for both countries to enhance cooperation and joint work in the financial services sector, and in trade and investment fields, ensuring mutual benefit for the two friendly nations.”

Ahmed Abdullah bin Lahej, Director-General of the Federal Customs Authority, said. “The UAE has now become an integrated strategic trading hub and an important destination on global supply chains. This is helping to drive growth and economic diversification, and ensuring we are taking a leadership role in global trade – from innovation to governance. By reducing and removing tariffs and eliminating unnecessary barriers to trade, our Comprehensive Economic Partnership Agreement programme is another important component of our role as a trade facilitator. The latest deal with Mauritius will offer substantial benefits to both nations, spurring a new era of trade between the UAE and the Republic of Mauritius, as well as between the UAE and Africa.”

Abdulla Mohammed AlBasti, Secretary-General of the Executive Council of Dubai, said, “The UAE-Mauritius Comprehensive Economic Partnership Agreement (CEPA) marks a significant milestone in the UAE’s ongoing efforts to forge international partnerships that facilitate global trade, foster development and economic cooperation, and strengthen its position as a major logistics hub. The agreement with Mauritius builds on a long history of bilateral trade and strategic investments, embodied by the inauguration of the representative office of the Economic Development Board of Mauritius in Dubai in March 2022.”

He added, “This CEPA will provide UAE exporters and investors access to one of the most promising economies in the region while leveraging opportunities in a country that is strategically positioned as a gateway to Africa and the Global South. It will accelerate the flow of goods and services between our nations. It will also contribute to a prosperous new chapter in our bilateral relations, helping to increase trade between the UAE and the African continent to Dh180 billion ($50 billion) over the next few years. The CEPA is a significant contribution to the UAE’s foreign trade agenda, which has an ambitious target of Dh4 trillion ($1.1 trillion) in non-oil trade by 2031.”

 

 

 

 

 

 

WAM