The new agreement builds on growing economic ties between the UAE and Mauritius, where non-oil trade reached $76 million in the first four months of 2024.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, witnessed the signing of the landmark Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
The agreement, the UAE’s first CEPA with an African country, is expected to boost the UAE’s GDP by 0.96 percent by 2030, as well as boost Mauritius’ economy by more than 1 percent.
Elimination of tariffs
CEPA was signed during a ceremony by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Maneesh Gobin, Mauritius’ Minister of Foreign Affairs, Regional Integration and International Trade. The agreement aims to deepen trade and investment ties, accelerate the growth of priority industries, create jobs, strengthen supply chains, and streamline market access for UAE and Mauritian businesses. Under the agreement, Mauritius will eliminate 99 percent of import tariffs from the UAE, while the UAE will eliminate 97 percent overall.
The new agreement builds on growing economic ties between the UAE and Mauritius, with non-oil trade reaching $76 million in the first four months of 2024, up 82.5% from the same period last year. In 2023, two-way trade is expected to reach $170.4 million, up 14.5% from 2022.
“Our partnership agreement with the Republic of Mauritius reflects our shared vision and dedication to improving relations between our two countries, fostering economic growth and creating prosperous opportunities for our people. Together, we will create a brighter future for our people and strengthen the ties that bind us,” Sheikh Mohammed said.
“The UAE is a key partner in promoting the free flow of global trade and investment, fostering international cooperation and maintaining regional stability,” Jugnauth said.
“Today, we embark on a journey that will not only strengthen bilateral relations but also pave the way for enhanced cooperation and collaboration in various fields. This agreement is not just about eliminating trade barriers in goods and services; it is about fostering a deeper understanding and partnership that will benefit both our economies and people, as well as the wider Gulf region and Africa,” he added.
Foreign trade remains important
The UAE is currently Mauritius’ eighth largest investor, with $13.2 billion in the country, supporting projects in tourism, real estate, renewable energy and technology.
Foreign trade remains a cornerstone of the UAE’s economic policy. In 2023, the UAE’s non-oil goods trade will reach a record high of $701 billion, up 12.6% from 2022 and 34.7% from 2021.
The Comprehensive Economic Partnership Agreement is a key pillar in achieving the goal of reaching $1.1 trillion in total non-oil trade by 2031. The CEPA program has already enhanced market access for approximately 2 billion people, a quarter of the world’s population.
For more economic news, click here.