UAE Signs Comprehensive Economic Partnerships in Four Continents

The Comprehensive Economic Partnership Agreement program will continue its success in 2023, building on the achievements it has made since its launch in September 2021.

Three agreements were implemented in 2023, and two others were officially signed, awaiting approval and subsequent implementation after completing the necessary procedures.

Additionally, four agreements were reached successfully with partner countries after their negotiations, in addition to the partnership agreement with India, which entered into effect in May 2022.

This brings the total number of comprehensive economic partnership agreements for the UAE since the program’s launch to 10 agreements with strategically important trading and investment countries across four continents, representing a significant expansion in the country’s foreign trade network and providing further opportunities for the private sector and Emirati business community in some of the world’s most vibrant economies.

In 2023, the Comprehensive Economic Partnership Agreements between the UAE and Turkey, Indonesia, and Israel were implemented, resulting in the elimination or reduction of tariffs, the removal of trade barriers, and the opening of market opportunities for exporters and investors.

In addition, comprehensive economic partnership agreements have been signed with two promising economies, namely Cambodia and Georgia, which will be implemented in the first half of 2024. Furthermore, the final terms of comprehensive economic partnership agreements with South Korea, Colombia, Mauritius, and the Republic of Congo have also been reached.

The United Arab Emirates has initiated discussions with several countries, including Serbia, Ukraine, Eurasia, Australia, the Philippines, Malaysia, Costa Rica, Kenya, Chile, and Vietnam, to reach similar agreements.

It is expected that the Comprehensive Economic Partnership Program, which also includes the partnership agreement with India that came into effect in May 2022, will lead to a 33% increase in UAE exports and contribute over 153 billion dirhams to the country’s GDP by 2031, representing a growth of approximately 10% compared to 2022.