The CEPA is set to eliminate or significantly reduce tariffs on a wide range of products, fostering greater market access for exporters. It is anticipated to boost trade in key sectors such as agriculture, manufacturing, and services. By removing unnecessary barriers to trade, the agreement aims to create a more favorable business environment, encouraging investments and joint ventures between UAE and Moroccan companies.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, emphasized the strategic importance of the agreement, noting that Morocco is a gateway to African markets for UAE exporters. He highlighted the potential for the CEPA to facilitate the growth of new investment pathways and enhance economic ties between the two countries.
Moroccan Minister of Industry and Trade, Ryad Mezzour, echoed these sentiments, stating that the CEPA would open new horizons for Moroccan businesses, enabling them to expand their reach into the Middle Eastern markets through the UAE. The agreement is expected to play a pivotal role in revitalizing industries, boosting employment, and fostering economic resilience in Morocco.
The UAE-Morocco CEPA is part of the UAE's broader strategy to increase the value of its non-oil foreign trade to AED 4 trillion by 2031. It aligns with the UAE’s vision to diversify its economy and reduce reliance on oil revenues by establishing robust trade partnerships with key global markets.
This agreement follows a series of similar trade deals the UAE has signed with other countries, including Ukraine and India, showcasing the UAE’s commitment to strengthening its global trade network and positioning itself as a central hub for international commerce.
Upon implementation, the CEPA is expected to significantly enhance the competitiveness of UAE and Moroccan products in their respective markets, support the development of small and medium-sized enterprises (SMEs), and promote innovation and technology transfer.
Both countries are looking forward to the ratification of the agreement, which will officially bring the terms into effect and pave the way for a new era of economic collaboration. The UAE and Morocco's business communities are poised to capitalize on the opportunities presented by the CEPA, driving economic growth and development in both nations.
The conclusion of the UAE-Morocco CEPA is a testament to the strong bilateral relations between the two countries and their shared commitment to fostering economic prosperity and regional stability. The agreement is expected to create a dynamic and resilient economic partnership that will benefit businesses and consumers alike.
As the global economy continues to navigate through challenges, such strategic partnerships are crucial for building sustainable and inclusive economic growth. The UAE and Morocco are set to lead by example, demonstrating the power of cooperation and mutual benefit in achieving long-term economic goals.
Sources:
- Gulf News
- WAM Emirates News Agency
- Khaleej Times