The agreement, known as the Comprehensive Economic Partnership Agreement (CEPA), marks a pivotal step towards strengthening economic ties between the two nations. The UAE, a major global trade hub, and Mauritius, an emerging financial center in Africa, are set to leverage each other’s strengths to foster economic growth and development.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, expressed optimism about the potential impact of the CEPA. He highlighted that this agreement would open up new avenues for Emirati and Mauritian businesses, creating a conducive environment for trade and investment. The CEPA covers a wide range of sectors including goods, services, investments, and intellectual property rights, aiming to eliminate trade barriers and enhance economic collaboration.
Mauritian Prime Minister Pravind Jugnauth emphasized the strategic importance of this partnership, stating that the CEPA would serve as a catalyst for economic diversification and growth. He noted that the agreement aligns with Mauritius’ vision of becoming a high-income economy by 2030, providing local businesses with access to new markets and fostering innovation and competitiveness.
The CEPA includes provisions to reduce tariffs, enhance market access, and streamline customs procedures. These measures are expected to facilitate smoother trade flows, reduce costs for businesses, and promote economic integration. Both nations anticipate that the agreement will lead to a significant increase in bilateral trade volumes, which currently stand at modest levels.
Experts believe that the CEPA will have a transformative impact on the economies of both countries. For the UAE, the agreement presents an opportunity to diversify its trade partners and expand its economic footprint in Africa. For Mauritius, it provides a gateway to the Middle Eastern market, offering new opportunities for export-oriented businesses and attracting foreign direct investment.
Key sectors expected to benefit from the CEPA include financial services, tourism, renewable energy, and technology. The agreement also emphasizes collaboration in research and development, innovation, and education, fostering a knowledge-based economy. Both nations have committed to creating a business-friendly environment, enhancing regulatory frameworks, and protecting investors’ rights.
The UAE and Mauritius have a history of strong diplomatic and economic relations. This new agreement builds on their longstanding partnership, reinforcing their commitment to mutual prosperity and development. The CEPA is seen as a testament to their shared vision of a dynamic and interconnected global economy.
In the coming months, both countries will focus on implementing the provisions of the agreement, with a joint committee established to oversee its execution. This committee will address any challenges that arise, ensuring that the CEPA delivers on its promises of increased trade and investment.
Business leaders in both nations have welcomed the CEPA, expressing confidence that it will drive economic growth and create new opportunities for collaboration. The agreement is expected to attract a wave of investments, fostering innovation, and boosting competitiveness in various industries.
As the UAE and Mauritius embark on this new chapter of economic cooperation, the CEPA stands as a significant milestone in their bilateral relations. It reflects a shared commitment to fostering economic growth, creating jobs, and enhancing the prosperity of their citizens.