UAE continues to expand global economic partnerships to boost trade and investment

Dubai: The UAE is continuing to expand its global network of Comprehensive Economic Partnership Agreements (CEPAs) as part of efforts to strengthen its position as a global hub for trade and investment and support sustainable economic growth, the Ministry of Foreign Affairs said.

The ministry said the agreements form a key pillar of the UAE's economic strategy by deepening economic integration with international partners and creating new opportunities for trade, investment and industrial cooperation.

According to the ministry, the partnerships are designed to enhance cooperation across trade, industry, investment and services while supporting the country's long-term economic diversification agenda.

Since September 2021, the UAE has concluded 38 CEPAs in what the ministry described as a record period. It said the agreements serve as a bridge for sustainable partnerships and reinforce the country's standing as a preferred destination for foreign direct investment.

The ministry said the agreements offer a range of benefits, including the reduction or elimination of customs duties, easier access to international markets, streamlined customs procedures, stronger competitiveness through fair trade practices, and clearer and more transparent regulatory frameworks. They are also intended to facilitate cross-border trade, encourage private-sector investment and strengthen the UAE's integration into global supply chains.

The ministry said the UAE's competitive business environment has made it the leading destination for foreign direct investment (FDI) in the Arab world and one of the world's foremost investment hubs, supported by its regional financial and commercial position.

It added that the country aims over the next 50 years to establish itself as a global capital for investment and economic innovation.

The UAE has made the expansion of its CEPA programme a cornerstone of its strategy to increase non-oil trade, attract foreign investment and reinforce its role as a gateway connecting regional and international markets.