UAE's trade deals with Costa Rica and Mauritius take effect
The UAE's Comprehensive Economic Partnership Agreements (Cepas) with Costa Rica and Mauritius came into effect on Wednesday, further supporting efforts by the Emirates to boost its global trade and investments. The new deals mark the seventh and eighth of the UAE's Cepa programme to come into force, following the trade deals with India, Israel, Turkey, Indonesia, Cambodia and Georgia, the Ministry of Economy said on Wednesday. The implementation of trade agreements with Costa Rica and Mauritius 'reflects a significant step forward in our nation's foreign trade programme and its aim to establish stronger, more integrated trading relationships with the most dynamic markets around the world', said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade. 'These Cepas, enhancing connectivity to centres of growth in Central America and Africa, are a catalyst for deeper economic collaboration, unlocking a range of opportunities for our private sector and driving forward our shared goals, from enhancing food security to accelerating clean energy adoption.' The UAE launched the Cepa programme in 2021 to reduce tariffs and remove trade bottlenecks through simpler customs procedures and rules. The agreements are also expected to boost investment in priority areas. The programme has helped the UAE hit record non-oil trade in 2024 of $817 billion, marking a 14.6 per cent annual increase. The country, which seeks to increase its foreign trade to Dh4 trillion ($1.1 trillion) by 2031, currently has 12 further deals signed and awaiting ratification. Under the Cepa signed with Costa Rica in April last year, 99.8 per cent of UAE exports to the South American country will benefit from zero or reduced customs duties. Non-oil trade between the two countries reached more than $82.6 million in 2024, following growth of 27.5 per cent compared 2023. Meanwhile, the UAE-Mauritius Cepa is expected to boost the value of non-oil bilateral trade from $209.8 million to $500 million within five years, including a four-fold increase in exports from the Emirates to Mauritius. More than 97 per cent of UAE exports to Mauritius will benefit from immediate tariff elimination or gradual tariff reduction over a maximum of five years under the deal.
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