Abu Dhabi: The UAE and the Republic of Congo-Brazzaville concluded terms of a Comprehensive Economic Partnership Agreement (CEPA) - a deal that will facilitate increased trade and investment flows between the two countries - on Thursday. The UAE accounts for about 72 per cent of Congo-Brazzaville’s non-oil trade with Arab countries.
Once ratified and implemented, the UAE-Congo-Brazzaville CEPA will reduce or remove tariffs, eliminate unnecessary barriers to trade, improve market access, enhance customs procedures, and create platforms for investment and private sector collaboration in strategic sectors.
The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Jean-Baptiste Ondaye, Minister of Economy and Finance for the Republic of Congo-Brazzaville. The deal builds on growing bilateral cooperation between the two sides, which in H1 2023 saw non-oil trade increase 134 per cent over H1 2022 to reach $2.1 billion.
The deal also follows the signing of three strategic agreements between the nations in early 2023 including a double taxation avoidance agreement, an investment promotion and protection agreement, and an air transport agreement.
Al Zeyoudi, said, “The conclusion of negotiations towards a CEPA with the Republic of Congo-Brazzaville marks an important progression in our efforts to strengthen economic ties not only with the African continent but a strategic partner with which we have seen non-oil trade more than double in the first half of 2023.”
Congo-Brazzaville, officially known as the Republic of the Congo, is located in West-Central Africa, bordered by Gabon, Cameroon, the Central African Republic, the Democratic Republic of the Congo and Angola. The total value of non-oil trade between the UAE and Congo-Brazzaville reached approximately $2.2 billion in 2022, a growth of 5 per cent compared to 2021 and a growth of 29 per cent compared to 2020. The UAE accounts for about 72 per cent of Congo-Brazzaville’s non-oil trade with Arab countries.
