The UAE and the Republic of Congo-Brazzaville have concluded terms of a Comprehensive Economic Partnership Agreement (CEPA) – a deal that will facilitate increased trade and investment flows between the two countries.
The UAE accounts for about 72 per cent of Congo-Brazzaville’s non-oil trade with Arab countries.
The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Jean-Baptiste Ondaye, Minister of Economy and Finance for the Republic of Congo-Brazzaville. The deal builds on growing bilateral cooperation between the two sides, which in H1 2023 saw non-oil trade increase 134 per cent over H1 2022 to reach $2.1 billion.
The deal also follows the signing of three strategic agreements between the nations in early 2023 including a double taxation avoidance agreement, an investment promotion and protection agreement, and an air transport agreement.
Since 2021, the UAE has initiated a raft of bilateral trade, investment and cooperation deals on its own called Comprehensive Economic Partnership Agreements to bolster efforts aimed at diversifying income sources and economic sectors.
Last week, the UAE, a major global oil exporter and OPEC member, completed talks for a trade deal with Mauritius, its first with an African country.
