UAE, Congo-Brazzaville attain main commerce settlement

The UAE and the Republic of Congo-Brazzaville have concluded the phrases of a Comprehensive Economic Partnership Agreement (CEPA).

The deal will facilitate better commerce and funding flows as the 2 nations pursue deeper financial ties.

The conclusion of negotiations was confirmed by the signing of a joint assertion by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Jean-Baptiste Ondaye, Minister of Economy and Finance for the Republic of Congo-Brazzaville.

Once ratified and carried out, the settlement will cut back or take away tariffs, get rid of limitations to commerce, enhance market entry, improve customs procedures, and create platforms for funding and personal sector collaboration in strategic sectors.

The deal builds on rising bilateral cooperation between the 2 sides, which in H1 2023 noticed non-oil commerce enhance 134 per cent over H1 2022 to achieve $2.1 billion.

It additionally follows the signing of three strategic agreements between the nations in early 2023, associated to double taxation avoidance, funding promotion and safety, and air transport.

“A thriving economy in West-Central Africa, Congo-Brazzaville offers an important trade destination and gateway to wider Africa for our exporters, while in return, the UAE offers a vital connection to Gulf and Asian markets. We look forward to ushering in this new era of cooperation and to expanding our presence in Africa as a trusted partner and investor,” mentioned Al Zeyoudi. 

Congo-Brazzaville, formally often called the Republic of the Congo, is situated in West-Central Africa, bordered by Gabon, Cameroon, the Central African Republic, the Democratic Republic of the Congo and Angola.

The whole worth of non-oil commerce between the UAE and Congo-Brazzaville reached roughly $2.2 billion in 2022, a progress of 5 per cent in comparison with 2021 and a progress of 29 per cent in comparison with 2020.

“I have no doubt that the strategic partnership agreement with the United Arab Emirates that we have just concluded today will greatly contribute to the financing of structuring projects in Congo,” mentioned Jean-Baptiste Ondaye.

According to 2022 information, Congo-Brazzaville is the twelfth largest buying and selling accomplice of the UAE amongst non-Arab African international locations, with the UAE rating eighth-largest export marketplace for Congo-Brazzaville and thirteenth largest import market.

The UAE accounts for about 72 per cent of Congo-Brazzaville’s non-oil commerce with Arab international locations.