UAE reaches economic partnership agreement with Congo

The UAE has completed negotiations on a “comprehensive economic partnership” agreement with the Republic of Congo.

“The UAE continues to expand its network of trade partners around the world with the announcement of a comprehensive economic partnership agreement with Congo-Brazzaville to be the second with an African country within days, thus making our foreign trade new fulcrum points from which to launch promising markets in the African continent,” UAE’s Minister of State for Foreign Trade, Thani Ahmed Al Zeyoudi, posted on X, formerly Twitter.

“This partnership builds on promising trade momentum, as non-oil trade between the UAE and Congo-Brazzaville increased by 134% in the first half of 2023 to $2.1 billion. When the agreement enters into force after its formal conclusion and ratification, it will stimulate trade and investment flows in the interests of both countries,” he added.

Since 2021, the UAE has concluded a series of bilateral trade, investment, and cooperation agreements, called comprehensive economic partnership agreements, with the aim of enhancing efforts to diversify sources of income and sectors of the economy.