Mauritius and the United Arab Emirates have taken a significant step forward in their economic relations with the signing of the Comprehensive Economic Partnership Agreement (CEPA). The CEPA is known as the most advanced structure for economic and commercial exchanges of goods and services between two or more countries under the rules of free trade.
This agreement, formalised on Monday 22 July, paves the way for enhanced cooperation not only in trade in goods and services, but also in bilateral and regional investment and supply chains. The agreement is the first of its kind between the United Arab Emirates and an African country.
The figures speak for themselves: in 2023, trade between Mauritius and the United Arab Emirates reached a total of 392 million dollars, illustrating a growing dynamic in bilateral economic relations. Mauritian exports accounted for $135 million, while imports from the UAE totalled $257 million.
The agreement aims to create a predictable framework for trade and investment, reducing barriers and establishing transparent rules, standards and procedures. It also creates a business-friendly environment, encouraging investment and joint development in key sectors such as biotechnology, the blue economy, renewable energy, as well as health and education services.
The UAE stands out as a strategic partner for Mauritius, with cumulative foreign direct investment (FDI) reaching Rs 10 billion from 2015 to 2023. This collaboration also extends to Africa, with both countries expressing their willingness to develop trilateral partnerships to seize promising opportunities in the African market.
In the era of the African Continental Free Trade Area, which opens the doors to a market of 1.3 billion people, Mauritius is positioned as a strategic gateway for UAE investors looking to expand their presence in Africa.
In conclusion, this agreement marks the beginning of a new chapter in economic relations between Mauritius and the UAE, promising substantial mutual benefits through enhanced cooperation, increased investment and exciting new business opportunities for both parties.
