UAE to expand CEPAs in 2025

The UAE will continue to forge comprehensive economic partnership agreements (CEPAs) with additional countries in 2025, in an attempt to maximise its benefits and those of its global trade partners, an official has said. 

Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade said that the agreements will strengthen rules-based international trade, increase investments, and enhance opportunities for trade in goods, services, and re-exporting.

The free trade agreements have already had a positive effect on various facets of the UAE's foreign trade, particularly non-oil trade, re-export services, logistics, clean and renewable energy, technology, financial services, green industries, advanced materials, agriculture, and sustainable food systems, Dr. Al Zeyoudi said in a statement to UAE’s state-run news agency WAM. 

The UAE launched its CEPA programme in September 2021 to ramp up its trade value to $1 trillion by the year 2031. Since then, the country has concluded 24 free trade pacts until early last December, covering around a quarter of the world’s population. 

Five of the free trade pacts have been forged with the Organization of Islamic Cooperation (OIC) countries, which are expected to undergird the global Islamic economy. 

Bashar Al-Natoor, Fitch Ratings Islamic finance head told Salaam Gateway last month that the significance of CEPA agreements with OIC countries is multi-dimensional. 

“The Islamic economy is embedded within the DNA of these pacts, which could support bilateral growth.”

The UAE’s foreign trade almost reached 1.4 trillion in the first half of 2024, growing 11.2% over the previous year.