UAE's Comprehensive Economic Partnership Agreements with Costa Rica and Mauritius come into force
The Cepas will reduce tariffs on a wide range of goods, simplify customs procedures, and establish pathways for investment into high-priority sectors both in the UAE and across the Central American and African markets.
The two deals mark the seventh and eighth of the UAE's Comprehensive Economic Partnership Agreements to come into force, following the successful roll-out of Cepas with India, Israel, Türkiye, Indonesia, Cambodia and Georgia since the launch of the programme in 2021. As the nation seeks to increase its foreign trade to Dh4 trillion ($1.1 trillion), it currently has 12 further deals signed and awaiting ratification with markets around the world, consolidating its status as a trade facilitator and global gateway for goods and services.
The UAE-Costa Rica Cepa, which was signed April 2024, builds on non-oil trade of more than $82.6 million in 2024, following substantial growth of 27.5 per cent compared 2023. Under the Cepa, 99.8 per cent of UAE exports to Costa Rica will benefit from zero or reduced customs duties. The partnership will also help to facilitate strategic capital exchange, adding to the UAE's approximate $673 million already invested in Central America.
Opening access to one of Africa's most promising economies, the UAE-Mauritius Cepa is projected to boost the value of non-oil bilateral trade from its current $209.8 million to $500 million within five years, including a fourfold increase in UAE exports to Mauritius. Over 97 per cent of UAE exports to Mauritius will benefit from immediate tariff elimination or gradual tariff reduction over a maximum of 5 years under the Cepa.
Dr Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, said: 'The implementation of our Comprehensive Economic Partnership Agreements with Costa Rica and Mauritius reflects a significant step forward in our nation's foreign trade program and its aim to establish stronger, more integrated trading relationships with the most dynamic markets around the world. 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.'
Al Zeyoudi highlighted the programme's contribution to record non-oil trade in 2024, which reached an all-time high of $817 billion, marking a 14.6 per cent increase over 2023. The Cepa programme currently has 27 concluded deals, expanding access for UAE businesses to over a quarter of the world's population.
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