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Friday, June 9, 2023

UAE access to 10% of global economy with latest CEPA: Dr Al Zeyoudi

Abu Dhabi: In addition to the agreements signed with India, Indonesia and Israel, the fourth CEPA was signed with Turkey, which will allow the UAE to enter new markets covering more than 2.2 billion people, including signing the Greater Arab The free trade area agreement came 15 years ago, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said on Friday.

The four bilateral agreements will boost the country’s GDP by more than 2.4% by 2031 and add US$120 billion over the next 10 years, further boosting growth in UAE exports. Dr. Al Zeyoudi explained that this will create more economic and trade opportunities, noting that after signing the agreement with Turkey, the UAE’s economy will be linked to more than 10 percent of the global economy.

UAE-Turkey Bilateral Trade

The minister said Turkey will be the UAE’s sixth largest trading partner in 2022, a 40 percent increase compared to 2021, with non-oil foreign trade reaching $18.9 billion last year.

Dr. Al Zeyoudi added that the UAE-Turkey CEPA will remove tariffs on 83 percent of goods from both countries and, in addition, liberalize non-oil trade on 93 percent of goods. This will further help create new markets for both countries in areas such as food security, agriculture, fintech, telecommunications, logistics, renewable energy and real estate.

With CEPA, trade between the two countries is expected to grow to more than $40 billion a year within five years, and more than 25,000 jobs will be created in the UAE by 2031, especially in skilled labour. Turkey is expected to grow by 20% in the next phase.

According to Dr Al Zeyoudi, the UAE-Turkey CEPA is expected to be approved by the end of the second quarter of 2023.

CEPA pipeline

Regarding the future plans of the UAE in terms of comprehensive economic partnership, Dr. Al Zeyoudi said that the UAE is accelerating progress. “We’re finalizing two new deals with Cambodia and Georgia and two deals with Kenya in the next three to four weeks, 85 percent agreed,” he said, adding it was an important gateway to Africa. portal.

He also hinted at a deal with Colombia, explaining that talks were postponed until after the election and would resume soon.

The minister added that the UAE aims to use CEPA to expand its partnership with ASEAN countries, with negotiations with Thailand and Vietnam already underway. He continued that there are also plans for expansion in Africa and South America, which will have a positive impact on the UAE’s trade growth. The UAE is also working on a comprehensive economic partnership agreement with the two economic blocs in Eurasia, with talks to begin next week and be completed within six months, while CEPA talks with Ukraine are due to begin in April.

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