Mauritius and the United Arabs Emirates (UAE) have, on Monday 22 July 2024, signed a Comprehensive Economic Partnership Agreement (CEPA). The signing ceremony took place at the Armani Hotel Dubai Burj Khalifa.
This CEPA marks a significant milestone in the economic relations between Mauritius and the UAE, opening avenues for further development in merchandise trade, trade in services, investments, bilateral and regional supply chains and distribution channels, technology transfer, economic cooperation, and professional mobility.
The agreement is the UAE's first CEPA concluded with an African country.
The CEPA was signed on behalf of Mauritius by the Honourable Maneesh Gobin, Minister of Foreign Affairs, Regional Integration, and International Trade, and, on behalf of the UAE, by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
The Prime Minister, Honourable Pravind Kumar Jugnauth, and the Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum, participated in the signing ceremony via recorded video messages.
Other dignitaries who attended the event include His Excellency Showkutally Soodhun, Ambassador of Mauritius to the UAE, Mr. Narainduth Boodhoo, Trade Policy Director and Chief Negotiator for Mauritius, Mr. Al Kait, Assistant Undersecretary for International Trade Affairs and Chief Negotiator for the UAE, and Ms. Shaima Al Alaydarous, Negotiations and International Organizations Director for the UAE.
The CEPA negotiations were concluded on 22 December 2023.
The agreement aims to ensure trade and investment predictability between the UAE and Mauritius by reducing barriers, facilitating trade, and establishing transparent rules, standards, and procedures.
In his recorded message, Prime Minister Pravind Jugnauth expressed his appreciation to His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, for his unwavering support for the strengthening of ties and cooperation between the two nations.
He also acknowledged the vital contribution of UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum in strengthening the ties between the two countries.
The Prime Minister said: "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".
For his part, the UAE Vice President and Prime Minister stated: "The UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, is committed to forging strong and mutually beneficial partnerships with friendly countries that share our vision of fostering economic growth and promoting international cooperation."
Minister Gobin emphasised that the partnership agreement seeks to create a conducive environment for businesses to invest and expand, promoting collaboration in tourism, finance, and technology to drive economic growth and create jobs.
Mauritius aims to attract UAE investments in sectors aligned with its economic strategy, such as biotechnology, blue economy, renewable energy, and health and educational services. He highlighted the UAE's vibrant investment ecosystem and strong government support for start-ups and innovation, noting that attracting UAE investors could stimulate growth in key sectors like ICT, biotechnology, healthcare, and tourism in Mauritius.
The Minister also observed that the UAE boasts a vibrant investment ecosystem with strong government support for start-ups and innovation. By attracting UAE investors, Mauritius can stimulate growth and new capabilities in those industries.
In 2023, the total trade volume between Mauritius and the UAE reached USD 392 million, with exports from Mauritius amounting to USD 135 million and imports from the UAE totalling USD 257 million. This agreement is expected to enhance the flow of goods and services between our countries, boosting bilateral investment and creating new business opportunities for both sides.
The UAE has, furthermore, been a significant source of foreign direct investment (FDI) in Mauritius, with cumulative FDI inflows from 2015 to 2023 reaching Rs 10 billion.
Both Mauritius and the UAE have expressed their ambition to work together to develop trilateral partnerships with Africa to tap into the continent's immense opportunities. The CEPA enhances this collaboration by providing a framework for increased trade and investment. With the African Continental Free Trade Area (AfCFTA) creating a single market of 1.3 billion people, Mauritius could serve as an ideal gateway for UAE investors to access Africa.
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Moreover, the CEPA will facilitate the development of trilateral partnerships between the two countries and India, further expanding economic opportunities in the Africa-Middle East-South Asia corridor.
The CEPA consists of the following Chapters: Initial Provisions and General Definitions, Trade in Goods, Rules of Origin, Customs Procedures and Trade Facilitation, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Trade Remedies, Trade in Services, Digital Trade, Intellectual Property Rights, Transparency in Government Procurement, Investment Facilitation, Economic Cooperation, Small and Medium Enterprises (SMEs), Dispute Settlement, Exceptions, Administration of the Agreement and Final Provisions.
Ministry of Foreign Affairs, Regional Integration and International Trade
