UAE Signs 20 Comprehensive Economic Partnership Agreements, Six Now Operational

The UAE has successfully signed Comprehensive Economic Partnership Agreements (CEPAs) with 20 strategic nations, six of which are already operational, according to Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of Foreign Trade. Speaking on Tuesday, he emphasized the UAE's focus on fostering global trade partnerships and future growth opportunities.

“We have now finalized around 20 CEPAs, with six currently in effect, including those with key regional players like India and Turkey. These agreements open new markets for our exporters, manufacturers, and investors, granting access to nearly a quarter of the world’s population. They are driving growth across Asia and the Middle East,” said Dr. Al Zeyoudi.

The UAE's first CEPA with India was implemented on May 1, 2022. Since then, the country has forged CEPAs with major trade partners such as Israel, Chile, Colombia, Turkey, Indonesia, Georgia, and Cambodia, significantly boosting trade by reducing tariffs in bilateral agreements.

Dr. Al Zeyoudi was speaking at the 4th Global Trade and Supply Chain summit, organized by The Economist. The two-day event featured discussions by top officials from the UAE, GCC, and the US, covering topics like AI in logistics, global talent shortages, and the future of trade.

“In the first half of 2024, our non-oil foreign trade reached Dh1.4 trillion, marking an 11.2% increase from the same period in 2023. Notably, our non-oil exports saw a 25% rise, reaching Dh256 billion, setting new records,” the minister noted.

He also highlighted the UAE’s impressive trade growth, which outpaced global averages. “While global trade grew by just 1.5% in the first six months of 2024, our proactive trade policy resulted in growth eight times that figure. In the last three weeks alone, we have concluded CEPAs with Australia, New Zealand, Serbia, and Georgia, underscoring the scale and ambition of our CEPA program,” Al Zeyoudi added.

Reaffirming the UAE’s commitment to multilateral trade, the minister said, “Expanding trade benefits all economies. That’s why the UAE continues to support a global trading system, rejects isolationism, and fosters connections from South America to the Asia-Pacific. We remain one of the most globally connected countries.”

He also emphasized the importance of the UAE's logistical infrastructure and its role as a major supply chain hub. “Trade is central to the development of nations, especially in the Global South. Over the last 50 years, we’ve seen how trade boosts productivity, creates jobs, drives innovation, and raises living standards.”

Dr. Al Zeyoudi concluded by asserting that while other nations may link trade with politics, the UAE will continue to focus on the economic opportunities of tomorrow.

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