UAE on track to surpass Cepa target – News

The UAE has set an ambitious target of signing 26 Comprehensive Economic Partnership Agreements (Cepas), including 21 countries and five economic blocs, to double foreign trade to Dh4 trillion by 2031. The country recently signed its 11th Cepa with Colombia, exceeding its initial target. This agreement follows a similar one with Costa Rica, adding to the list of Cepas with India, Turkey, Israel, Indonesia, and others.

President Sheikh Mohamed, who witnessed the signing with Colombian President Gustavo Petro, emphasized the importance of deepening economic ties between the two nations. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, expressed confidence in exceeding the target of 26 Cepas due to the country’s pace of work and interest from other nations.

The Cepa with Colombia is part of the UAE’s Cepa Programme, aiming to raise non-oil foreign trade to Dh4 trillion by 2031. The agreement will create new trade and investment opportunities, stimulate trade flows, and enhance market access. It aligns with the UAE’s goal of attracting $150 billion in foreign investment by 2031 and ranking among the top 10 countries globally for FDI.

Colombia aims to attract $600-700 million in investment from the UAE post-Cepa, focusing on sectors like green hydrogen and the digital economy. Trade Minister German Mendoza highlighted the positive economic impact of the new deal, emphasizing enhanced cooperation between the two countries in various vital sectors.