The Central African Republic (CAR) and the United Arab Emirates (UAE) have taken a significant step in strengthening their economic relationship with the signing of a Comprehensive Economic Partnership Agreement (CEPA). The agreement, formalized in Abu Dhabi, is set to enhance trade and investment opportunities between the two nations.
UAE President Sheikh Mohamed bin Zayed Al Nahyan and CAR President Faustin-Archange Touadera were present at the signing ceremony, as reported by the Emirates News Agency (WAM). The pact focuses on fostering collaboration in key sectors such as agriculture, infrastructure, and technology, aligning with the shared economic ambitions of both countries.
Expanding Economic Opportunities
The agreement was signed by UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and CAR Minister of Trade and Industry Patrick Akoloza. Speaking on the occasion, Sheikh Mohamed described the deal as a pivotal moment in UAE-CAR relations, highlighting its potential to open new avenues for trade and investment.
“This agreement is a testament to our commitment to strengthening economic cooperation and driving sustainable development in both countries,” he stated.
President Touadera echoed similar sentiments, expressing optimism that the partnership would contribute to economic growth and long-term prosperity.
Boosting Trade and Investment
Non-oil trade between the UAE and CAR saw significant growth in 2024, reaching approximately $252 million—an increase of 75% from the previous year. The UAE exports products such as food, textiles, electronics, and pharmaceuticals to CAR, while CAR supplies agricultural goods like coffee and cotton, along with valuable resources including gold and diamonds.
As part of the agreement, the UAE will reduce tariffs, eliminate non-tariff barriers, and encourage investment in high-growth sectors, facilitating better market access for locally produced goods. This initiative aligns with the UAE’s broader strategy to expand its non-oil trade to $1.1 trillion by 2031.
Additionally, the two countries signed several other agreements, covering areas such as investment protection, infrastructure development, education, and double taxation avoidance, further reinforcing their economic partnership.