The program, called the Comprehensive Economic Partnership Agreement, will carry on its successful journey in 2023, further enhancing the progress it has made since its initiation in September 2021.
In the year 2023, three agreements were put into effect, while two more were officially signed and are currently pending approval and subsequent implementation once the required procedures are completed.
Moreover, successful negotiations led to the establishment of four agreements with partner countries. These agreements, along with the partnership agreement with India, became effective in May 2022.
This increases the overall number of comprehensive economic partnership agreements for the UAE to 10 agreements with strategically important trading and investment countries on four continents. This demonstrates a notable growth in the country’s foreign trade network and offers additional opportunities for the private sector and Emirati business community in some of the world’s most thriving economies.
By 2023, the UAE had put into effect the Comprehensive Economic Partnership Agreements with Turkey, Indonesia, and Israel. As a result of these agreements, tariffs were either removed or reduced, trade obstacles were eliminated, and new avenues to the market were opened up for both exporters and investors.
Moreover, two potential economies, Cambodia and Georgia, have recently entered into comprehensive economic partnership agreements. These agreements are set to take effect in the initial half of 2024. Additionally, finalized terms for comprehensive economic partnership agreements have been achieved with South Korea, Colombia, Mauritius, and the Republic of Congo.
The United Arab Emirates has started talks with various nations such as Serbia, Ukraine, Eurasia, Australia, the Philippines, Malaysia, Costa Rica, Kenya, Chile, and Vietnam in order to establish comparable agreements.
The anticipated outcome of the Comprehensive Economic Partnership Program, including the partnership agreement with India starting in May 2022, is a projected 33% rise in UAE exports and a contribution of more than 153 billion dirhams to the country’s GDP by 2031. This would signify a growth of around 10% in comparison to the year 2022.
