The UAE and the Central African Republic (CAR) signed a Comprehensive Economic Partnership Agreement (CEPA) on Thursday, marking a new chapter in their economic cooperation and paving the way for enhanced trade and investment opportunities.

UAE President Sheikh Mohamed bin Zayed Al Nahyan and CAR President Faustin-Archange Touadera witnessed the signing of the Comprehensive Economic Partnership Agreement in Abu Dhabi, according to the Emirates News Agency (WAM).

The new economic partnership agreement aims to boost trade and investment in key sectors, such as agriculture, infrastructure, and technology, aligning with both nations' mutual goals for growth and sustainable development, the agency noted.

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.

New chapter

In his remarks, Sheikh Mohamed emphasized that the Comprehensive Economic Partnership Agreement heralds a new chapter in UAE-CAR relations, driven by a shared vision for mutual prosperity.

“The agreement aims to open new avenues for trade, investment, and cooperation that will serve the interests of both nations,” he said.

President Touadera, for his part, also expressed optimism about the agreement’s potential to strengthen economic ties: "This partnership will contribute to sustainable development and economic prosperity for both countries."

In 2024, non-oil trade between the UAE and CAR reached approximately $252 million, a 75% increase from the previous year.

Reducing tariffs

The UAE exports essential goods such as food, textiles, electronics, machinery, and pharmaceuticals to CAR, while CAR sends agricultural products like coffee, cotton, cassava, and valuable minerals such as gold and diamonds to the UAE.

The Comprehensive Economic Partnership Agreement is expected to improve market access for locally produced goods by reducing tariffs, removing non-tariff barriers, and attracting investment in high-growth sectors. The agreement is part of the UAE's strategy to boost its total non-oil trade to $1.1 trillion by 2031.

During the meeting, several additional agreements and memoranda of understanding were announced, covering investment protection, double taxation avoidance, infrastructure, and education, further solidifying the growing partnership between the two countries.