Latest news with #Cepas
The National
10-04-2025
- Business
- The National
UAE to begin talks with European Union over landmark trade deal
The UAE and the European Union have agreed to begin talks on a potential trade deal, in what would be a landmark agreement for the two parties. UAE President Sheikh Mohamed announced the talks on Thursday evening. "The UAE shares strong and longstanding ties with the European Union and its member states, and today we agreed to launch negotiations towards a Comprehensive Economic Partnership Agreement with the EU," he wrote on X. "Through this agreement, we aim to deepen bilateral relations and promote economic growth for the benefit of our countries and peoples." The talks come at a time of turmoil and uncertainty for global trade, sparked by US President Donald Trump's tariffs. The UAE has since the coronavirus pandemic struck a series of trade deals, which it calls Cepas, to boost trading for the benefits of governments, businesses and consumers. A deal with the European Union would be potentially the largest since the Emirates signed a Cepa with India in February 2022. More to follow
The National
07-04-2025
- Business
- The National
UAE economy grew 3.9% in 2024 on non-oil sector boost, Central Bank says
The UAE's economy grew by 3.9 per cent in 2024, its central bank has said, driven by growth momentum in the country's non-oil sectors as the Arab world's second-largest economy continues to push for diversification. Real gross domestic product for the 12-month period to the end of December grew 1 percentage point less than the UAE Central Bank's earlier estimate of 4 per cent. The banking regulator expects the country's GDP to expand at 4.7 per cent in 2025 and by 5.7 per cent in 2026, it said in its 2024 annual report released on Monday. The non-oil economy grew by 4.6 per cent last year and is expected to touch 5.1 per cent this year, UAE Central Bank data indicated. The country's hydrocarbon GDP, which contracted by 3.1 per cent in 2023, expanded by 1.6 per cent last year. This year, the central bank expects the oil economy to increase 3.6 per cent and by 8.5 per cent the following year. The headline inflation in the country is estimated to have reached 1.7 per cent last year and is expected to grow further to 2 per cent this year, central bank data showed. The economic growth last year was 'supported by a robust non-hydrocarbon sector performance and gradual recovery in hydrocarbon activities', while this year's growth will be 'driven by strengthening performance across both hydrocarbon and non-hydrocarbon sectors', the report said. 'The energy sector is expected to benefit from the planned easing of production cuts starting in Q2 2025, while the non-hydrocarbon sector continues to gain from government initiatives supporting foreign investment and economic diversification', and these trends, 'combined with increased oil and gas production', will further boost growth next year, it added. The UAE has been focusing heavily on diversifying its economy from oil by developing sectors such as technology, manufacturing, tourism, trade and innovation. The country has introduced several reforms including longer-stay residence visas as well as new visa categories to attract more talent. The UAE's non-oil foreign trade also hit a record Dh3 trillion ($816.9 billion) last year − up 14.6 per cent year-on-year. The Comprehensive Economic Partnership Agreements (Cepas) with various nations, from Colombia to Australia, have contributed Dh135 billion to the UAE's non-oil trade with partner nations, an increase of 42 per cent compared to the previous year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said last month. Cepas aim to reduce tariffs and remove bottlenecks that hamper trade. This programme is projected to increase national exports by 33 per cent and add more than Dh153 billion to the economy by 2031. The UAE banking system also continued to achieve 'exceptional strides' in 2024, with total banking sector assets reaching Dh4.56 trillion ($1.24 trillion)', a 12 per cent year-on-year rise. The sharp growth in banking assets last year has reinforced its 'well-established foundations with strong fundamentals, reflected in high capitalisation levels, strong profitability, sufficient liquidity and stable financial reserves', the central bank said. 'Our transformative initiatives and projects, launched during 2024, have contributed to enhancing the efficiency and competitiveness of the financial sector, building a more resilient and sustainable financial system," said UAE Central Bank governor Khaled Balama.
Khaleej Times
02-04-2025
- Business
- Khaleej Times
UAE's Comprehensive Economic Partnership Agreements with Costa Rica and Mauritius come into force
Two of the UAE's Comprehensive Economic Partnership Agreements (Cepas) came into force on Wednesday, laying the foundation for increased trade and investment with the strategically located and rapidly emerging economies of Costa Rica and Mauritius. 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.
The National
02-04-2025
- Business
- The National
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.
Khaleej Times
30-03-2025
- Business
- Khaleej Times
UAE's Cepa programme strengthens global economic ties with 26 strategic agreements
The UAE's Comprehensive Economic Partnership Agreement (Cepa) programme, initiated in September 2021, has resulted in 26 agreements with strategically significant countries and international blocs by the end of the first quarter of 2025, bolstering its regional and global economic position. In 2025 alone, the UAE signed five new Cepas with Malaysia, New Zealand, Kenya, Ukraine, and the Central African Republic. These agreements significantly expand the country's global trade network and create new opportunities for the UAE's private sector and business community across some of the world's most dynamic economies. Six of these agreements have officially entered into force. Fourteen others have been signed and are undergoing technical and ratification procedures in preparation for implementation. Negotiations on six more agreements have been finalised, and the signing is expected soon. Throughout 2025, the Cepa programme continues to broaden the UAE's trade and investment partnerships, strengthening the country's role as a hub for open and multilateral global trade. The UAE is also in the final stages of Cepa negotiations with several major economies — most notably Japan — with talks expected to conclude before the end of 2025. This reflects both nations' commitment to deepening economic collaboration and unlocking new opportunities for economic growth and development between their business communities. The results of four key agreements that have already taken effect highlight positive outcomes including non-oil trade between the UAE and India grew by 20.5 per cent, with UAE exports to India jumping 75 per cent by the end of 2024. Trade with Turkiye rose by over 11 per cent, with Indonesia seeing growth exceeding 15 per cent, and Georgia recording a remarkable 56 percent increase. These results underscore the real-world impact of Cepas, which typically take five years or more to show significant effects. The Cepas have had a positive impact on the UAE's foreign trade performance, which continues to witness steady growth. The Cepa programme has accelerated this upward trajectory, supporting progress toward the targets outlined in the "We the UAE 2031" vision. This national agenda aims to raise the total value of the UAE's non-oil foreign trade in goods to Dh4 trillion, and to increase non-oil exports to Dh800 billion by the year 2031. The positive impact of these agreements has been felt across multiple sectors, most notably in the UAE's non-oil foreign trade and re-export services. Key beneficiaries of these agreements include sectors such as logistics, clean and renewable energy, advanced technology and applications, financial services, green industries, advanced materials, agriculture, and sustainable food systems.
