Reuters/Abdel Hadi Ramahi
Trade between the UAE and the Central African Republic is estimated to surpass AED3.7 billion ($1 billion) following the signing of a comprehensive economic partnership agreement (Cepa) last week.
Cepa will create further growth and business opportunities in both countries, boosting bilateral trade over the next five to seven years, UAE minister of state for foreign trade Ahmed Al Zeyoudi told the state-run Wam news agency.
Non-oil trade between the UAE and the Central African Republic reached more than AED925 million last year.
Al Zeyoudi said the agreement will provide a high level of trade liberalisation, with the UAE granting a 98 percent tariff removal for goods from the Central African Republic, with the latter extending a 99.5 percent tariff removal for UAE exports.
The agreement provides investment opportunities across various service sectors, including telecommunications, hospitality, logistics and financial technology.
It will also enhance trade and investment cooperation in strategic sectors such as aluminium, ceramics, petrochemicals, iron, silver, gold, food products, and textiles.
The minister said that the partnership will focus on advancing collaboration in future economic sectors, particularly the digital economy and advanced technology, while opening new opportunities for small and medium enterprises and facilitating the launch of integrated investment projects in the coming phase.
