Image credit: @ThaniAlZeyoudi/X
The United Arab Emirates (UAE) and Morocco have completed negotiations on a Comprehensive Economic Partnership Agreement (CEPA), marking a major step towards strengthening trade and investment ties between the two countries, state news agency WAM reported.
The conclusion of the negotiations was confirmed by the signing of a joint statement on Saturday by the UAE’s Minister of State for Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, and Morocco’s Minister of Industry and Trade, Riad Mezour.
Once implemented, the UAE-Morocco CEPA will facilitate the free flow of goods and services by reducing or eliminating tariffs, removing unnecessary barriers to trade, improving market access for services, enhancing customs harmonization, and establishing flexible rules of origin for goods.
Additionally, the agreement will create a platform for investment and private sector cooperation in key areas such as renewable energy, tourism, infrastructure, mining, food security, transport, logistics and ICT.
In 2023, the two countries are expected to earn US$1.3 billion in non-oil trade, 30 percent more than in 2022 and 83 percent more than in 2019. The UAE is the largest Arab investor in Morocco, investing more than $15 billion in various strategic projects.
Dr Thani bin Ahmed Al Zeyoudi expressed his enthusiasm for this development in the UAE’s foreign trade plans.
He said: “The UAE-Morocco Comprehensive Economic Partnership Agreement is a valuable addition to our CEPA program. Our brotherly countries already enjoy a strong bilateral economic relationship and this agreement will allow us to further develop areas of mutual interest, particularly in tourism, energy, manufacturing and agriculture, creating long-term prosperity for our two peoples. Morocco is one of the largest and most competitive economies in Africa and we look forward to working together to create new opportunities for the private sector.”
UAE #CEPA The program continues to break new ground #Africa To enter into the terms of the contract #Morocco🇲🇦. HE Department of Trade and Industry is participating Mezool As we finalize the negotiations, we agreed on the great potential for exchange of goods, services and capital. pic.twitter.com/qRmr7MUoJV
— और देखें और देखें July 27, 2024
Moroccan Minister of Industry and Trade Riad Mezour added: “Today, together with my brother Thani bin Ahmed Al Zeyoudi, I signed a joint declaration announcing the completion of negotiations on a Comprehensive Economic Partnership Agreement between our two countries.”
“The agreement is part of the implementation of the Declaration signed by King Mohammed VI and President Sheikh Mohammed bin Zayed Al Nahyan in Abu Dhabi on December 4, 2023, and aims to establish an innovative and new strong partnership between the two brotherly countries. Strengthening the legal framework between the two countries, the agreement aims to support the development of trade and investment by opening up new opportunities to enhance the level of joint cooperation in the economic and commercial fields.”
Morocco is the sixth largest economy on the African continent, with a GDP of $152.4 billion in 2023, projected to grow by 3.5% in 2024. While agriculture remains the largest employer, the services sector is the largest contributor to GDP, accounting for 54%, followed by the industry sector at 23%.
The UAE’s CEPA program aims to increase the country’s non-oil trade to AED 4 trillion by expanding ties with strategically important markets around the world. In 2023, the UAE’s non-oil goods trade will reach a record high of US$710 billion, up 12.6 percent from 2022 and 34.7 percent from 2021.
Morocco is the latest African country to sign a CEPA agreement with the UAE, following Mauritius, Kenya and the Republic of Congo.
The agreement is expected to further strengthen economic cooperation between the UAE and Morocco and foster a new era of mutually beneficial trade and investment opportunities.
Read: UAE and Mauritius sign comprehensive economic partnership agreement