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UAE, Cambodia start Cepa talks to boost trade and economic ties

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UAE and Cambodia start CComprehensive Economic Partnership Agreement (Cepa) The UAE wants to double the size of its economy and boost its gross domestic product to more than 3 trillion dirhams ($817 billion) by 2030.

The two countries aim to boost bilateral non-oil trade to $1 billion over the next three to five years, officials announced at a joint news conference on Monday.

Compared with the same period in 2021, trade between the two countries increased by 40% in the first eight months of this year to $279 million and is expected to exceed $350 million by the end of 2022. foreign trade country.

“Today and this week will be the first round of negotiations, and on that basis we will assess how fast we can move forward,” Dr Al Zeyoudi told National After Cepa Negotiations Press Conference.

“From the initial preparations, I think we can move quickly.”

Dr Al Zeyoudi expects the deal between the two countries to be completed in “a maximum of three to six months”.

The two countries will focus on infrastructure and logistics, tourism and hospitality, food security, energy, especially renewable energy. Other industries include banking, fintech and maritime services.

The latest talks follow similar trade cooperation agreements between the UAE and other countries.

This year, the UAE signed the Cepa agreement with India, Indonesia and Israel, currently in talks with Turkey, Georgia and Colombia, and Cambodia.

Dr Al Zeyoudi said the agreement with India, Asia’s third largest economy, came into effect on May 1, while the agreements with Indonesia and Israel will come into force on January 1.

“Turkey is almost done, we’re putting the finishing touches on it and it will be announced soon,” he said.Negotiations between the two sides have made good progress, he said Georgia.

Bilateral non-oil trade between the UAE and Indonesia is expected to jump from the current US$3 billion to US$10 billion in the next five years, while the deal with India is expected to lift non-oil trade between the two countries to US$100 billion within five years US dollars, currently $60 billion. The trade and investment agreement with Israel is expected to push non-oil bilateral trade to more than $10 billion within five years.

In April, the UAE and turkey The economy ministry said at the time it was starting negotiations on a deal that could double bilateral trade from $13.7 billion.

In addition to boosting investment, the Cepa agreement with Cambodia will also provide “great market access for our services sector, especially in our areas of expertise,” Dr. Al Zeyoudi said.

He said SMEs and UAE industry will benefit from the agreement.

The International Monetary Fund said Cambodia’s economy grew 3 percent last year and is expected to grow 5.1 percent this year and 6.2 percent next year.

Cambodian Commerce Minister Pan Sorasak said he was optimistic about the prospects for trade growth between the two countries.

“Our country has a lot of natural resources and agricultural products that we can sell directly to the Middle East, especially the UAE,” he said.

Mr Sorasak said the UAE could help Cambodia accelerate its digital economy and that the UAE could serve as a springboard for the Southeast Asian country to strengthen its ties with the wider Middle East and Africa.

Updated: October 24, 2022 at 11:40 am



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