Non-oil trade between the two countries increased 5% in 2022 to reach US$ 2.2bn
The United Arab Emirates and the Republic of Congo-Brazzaville have recently concluded the terms of a Comprehensive Economic Partnership Agreement (CEPA), a deal that will facilitate greater trade and investment flows as the two nations pursue deeper economic ties.
The conclusion of negotiations was confirmed by the signing of a joint statement by HE Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and HE Jean-Baptiste Ondaye, Minister of Economy and Finance for the Republic of Congo-Brazzaville.
Once ratified and implemented, the UAE-Congo-Brazzaville CEPA will reduce or remove tariffs, eliminate unnecessary barriers to trade, improve market access, enhance customs procedures, and create platforms for investment and private sector collaboration in strategic sectors.
Bilateral cooperation
The deal builds on growing bilateral cooperation between the two sides, which in H1-2023 saw non-oil trade increase 134 percent over H1-2022 to reach US$ 2.1bn. The deal also follows the signing of three strategic agreements between the nations in early 2023 including a double taxation avoidance agreement, an investment promotion and protection agreement, and an air transport agreement, according to a joint press communique.
“Congo-Brazzaville offers an important trade destination and gateway to Central 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,” stated HE Al Zeyoudi.
“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,” commented HE Ondaye.
