UAE CEPA pacts to grow economy 2.6% by 2030

The UAE’s Comprehensive Economic Partnership Agreements (CEPAs) with India, Israel and Indonesia will help grow the national economy by 2.6% by 2030, the Minister of State for Trade says exterior, Dr. Thani bin Ahmed Al Zeyoudi.

The agreement with India was signed in February this year, while the pact with Israel was signed in May.

Read: UAE and India sign Comprehensive Economic Partnership Agreement

Read: UAE and Israel sign Comprehensive Economic Partnership Agreement

The agreement with Indonesia, meanwhile, was signed earlier this month. Going forward, July 2022 will see the announcement of a CEPA with Colombia, the minister told the official state agency WAM.

Read: UAE and Indonesia sign Comprehensive Economic Partnership Agreement

“After signing CEPA with Indonesia, we now have access to a large market of 1.7 billion people, including 1.4 billion people in India and 280 million in Indonesia, in addition to nearly 10 million people in Israel,” Al Zeyoudi said.

“About a year ago we talked about covering markets that represent four billion people from the Far East to West Africa,” he added. The three CEPAs have opened up vast markets to ensure the growth of the national economy, with preliminary figures indicating that the first CEPA with India is expected to enable the national economy to grow by 1.7% by 2030, while that the CEPA with Indonesia should reach a growth of 0.87%. percent increase, he noted. However, he did not specify how much the deal with Israel will boost the national economy.

The UAE is open to countries around the world in terms of signing agreements, and those willing to move forward with the process of signing the agreement will be given priority, Al Zeyoudi added. The country is also in negotiations with Turkey.

“We have started the process of negotiating the signing of CEPA with several countries in Africa and East Asia and Georgia. The country is also coordinating with Chile in this regard,” he said.

In 2021, as part of its Projects of 50 initiative, the UAE launched a program to strengthen bilateral trade relations with key global partners.

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