Sheikh Mohammed, Mauritius PM witness signing of CEPA

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the Honorable Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, witnessed in the signing of a landmark Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

The agreement is the UAE’s first CEPA concluded with an African country and is expected to enhance UAE GDP by 0.96 per cent, while adding more than 1 per cent to the economy of Mauritius by 2030.

Sheikh Mohammed welcomed the signing of this historic agreement as a reflection of the UAE’s commitment, under the leadership of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, to forging strong partnerships that drive development and benefit our peoples, stressing that the “UAE has consistently endeavoured to build bridges of friendship and cooperation with nations that share our vision of building a brighter future for the next generation.”

“Our partnership agreement with the Republic of Mauritius reflects our shared vision and dedication to improving bilateral relations, promoting economic growth, and generating a wealth of opportunities for our peoples. Together, we will create a brighter future for our citizens and strengthen the bonds that unite us,” His Highness said.

Prime Minister Jugnauth expressed his gratitude to President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, for his unwavering support for the strengthening of ties and cooperation between the two nations. Jugnauth also expressed his gratitude to Sheikh Mohammed Bin Rashid Al Maktoum for his vital contribution to the growth of bilateral relations.

He said, “The UAE is an important partner in facilitating the free flow of global trade and investment, fostering international cooperation and maintaining regional stability,” adding that today, we embark on a journey that will not only strengthen our bilateral ties, but also pave the way for enhanced cooperation and collaboration in various sectors. This agreement is not just about eliminating barriers to trade in goods and services; it is about fostering a deeper understanding and partnership that will benefit both our economies and our people and the wider Gulf region and Africa.”

The UAE-Mauritius CEPA was signed during a ceremony by Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Maneesh Gobin, Minister of Foreign Affairs, Regional Integration and International Trade of Mauritius. It is set to deepen trade and investment ties, accelerate growth in priority industries, create jobs, strengthen supply chains, and streamline market access for UAE and Mauritian businesses. It will see Mauritius eliminate 99 per cent of tariffs on imports from the UAE, while the UAE will eliminate 97 per cent overall.

The new deal builds on growing UAE-Mauritius economic relations, which from Jan to Apr 2024 saw non-oil trade reach $76 million, an increase of 82.5 per cent over the same period last year. In 2023, two-way trade value reached $170.4 million - 14.5 per cent growth compared to 2022.

The UAE is today the eighth-largest investor in Mauritius, with $13.2 billion invested in the country, supporting projects in tourism, real estate, renewable energy and technology.

Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023, the UAE’s non-oil trade in goods reached an all-time high of $701 billion, a 12.6 per cent increase on 2022 - and 34.7 per cent more than 2021.

The Comprehensive Economic Partnership Agreements are a critical pillar in reaching the target of $1.1 trillion in total non-oil trade by 2031. The CEPA programme has already enhanced access to markets representing nearly 2 billion people, a quarter of the world’s population.

Commenting on the landmark agreement, Dr Amna Bint Abdullah Al Dahak, Minister of Climate Change and the Environment, said, “The UAE’s Comprehensive Economic Partnership Agreement with Mauritius is an important addition to the nation’s foreign trade agenda, in particular our pursuit of food security. Arable land is one of the most critical natural resources in Mauritius, representing nearly 40 percent of the country’s total area, and our nations not only have the opportunity to develop this critical sector, we can also join forces to offset the impact of climate change which threatens its long-term viability.”

Sheikh Shakhboot Bin Nahyan Al Nahyan, Minister of State, said. “The Comprehensive Economic Partnership Agreement between the UAE and the Republic of Mauritius is an important milestone in our bilateral relations. Similar to the UAE, Mauritius has leveraged its strategic location between two continents to become a vibrant business and logistics hub. This CEPA will propel trade volumes to new heights and solidify the status of Mauritius as a global gateway to Africa. Furthermore, it will drive essential investment into key sectors of the Mauritian economy, in particular energy, mining, agriculture, and tourism, and ensure its financial system is built upon strong and sustainable foundations.”

Sheikh Shakhboot added, “The UAE’s latest Comprehensive Economic Partnership Agreement with Mauritius - the first the UAE has signed with a country in Africa - reflects our commitment to deepening our ties with Africa, a fast-growing continent that will be key to the world’s green energy and food security agendas in the decades to come.”

He stated, “The UAE has strengthened its international partnerships over the past five decades and continues to build economic competitiveness and sustainability. The objective is to become an international capital of investment and economic innovation, fostering development opportunities by signing comprehensive partnership agreements (CEPAs) with active economies.”