The UAE aims to conclude more Comprehensive Economic Partnership Agreements (Cepas) with African countries as the Arab world’s second largest economy continues to boost its trade ties globally.
The Emirates has already completed talks with Kenya, Mauritius and the Republic of Congo and it aims to conclude more deals with African countries, Juma Mohamed Al Kait, assistant undersecretary for international trade affairs at the Ministry of Economy, said.
He spoke to The National on the sidelines of the World Trade Organisation’s 13th ministerial conference in Abu Dhabi on Wednesday.
“More deals with African countries will increase the market and enlarge our Cepas in Africa,” Mr Al Kait said.
“There are a number of agreements that will be announced down the road.”
Last week, the UAE and Kenya concluded negotiations for a Cepa in a milestone deal that will provide further access to the high-growth country and expansion into sectors from food to technology.
The two trading partners will seek to tap into opportunities in sectors including food production, mining, technology and logistics, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said in a post on X on Friday.
The pact comes after the UAE concluded the terms of a deal with Mauritius and the Republic of Congo in December.
The UAE has already concluded Cepas with India, Israel, Indonesia, Turkey, Georgia, Cambodia, Colombia, South Korea and Costa Rica.
“We have signed a number of Cepa agreements that have already entered into force. Now we are doing an awareness campaign for the private sector to utilise those agreements in the best way,” Mr Al Kait said.
“Those agreements will not only benefit the private sector in the UAE but also the investors who would like also to establish their businesses here and grow from [the] UAE to the region.”
He expressed optimism that member countries would iron out differences to finalise new agreements during the WTO ministerial conference in Abu Dhabi.
"As a host, we will do our best to facilitate and to bring positions closer," Mr Al Kait said.
"The principle in this organisation is consensus. So, we want to make sure that everyone is included in the discussion and also their concerns are covered and addressed in those agreements.”
During the conference, member countries are discussing WTO reforms, minimising agriculture and fisheries subsidies, and whether to extend the existing e-commerce moratorium, among others.
The UAE is providing a $10 million grant to support several crucial initiatives of the WTO, including the Fisheries Funding Mechanism, the Enhanced Integrated Framework, and the Women Exporters in the Digital Economy Fund.
The country is adopting an open trade policy, Mr Al Kait said.
"During the financial crisis, during Covid times, we were one of the first countries globally in terms of recovery and we've seen our growth in trade, [it has been] very positive compared to the global economy growth in terms of foreign trade."
In 2023, the UAE’s non-oil foreign trade hit a record Dh3.5 trillion ($953 billion), bolstered by its economic diversification plans, amid the signing of new Cepas with major economies around the world.
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Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
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'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
Wednesday's results
Finland 3-0 Armenia
Faroes Islands 1-0 Malta
Sweden 1-1 Spain
Gibraltar 2-3 Georgia
Romania 1-1 Norway
Greece 2-1 Bosnia and Herzegovina
Liechtenstein 0-5 Italy
Switzerland 2-0 Rep of Ireland
Israel 3-1 Latvia
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.