The United Arab Emirates has successfully concluded negotiations for a comprehensive bilateral trade agreement with the Republic of the Congo, Thani Al Zeyoudi, UAE Minister of Trade wrote on X, formerly Twitter.
"The breadth of the UAE's trade network continues to broaden as we conclude negotiations toward a Comprehensive Economic Partnership Agreement with the Republic of Congo-Brazzaville - a thriving economy in West-Central Africa and valued trade and investment partner," the minister noted.
Al Zeyoudi added that the agreement builds on the growing bilateral cooperation between the two sides, which saw non-oil trade grow by 134% in the first half of 2023 compared to the first half of 2022, reaching $2.1 billion.
Once ratified and implemented, the agreement will reduce or eliminate tariffs, remove unnecessary trade barriers, improve market access, enhance customs procedures, and create platforms for private sector investment and cooperation in strategic sectors, according to local media.
Congo's Minister of Economy and Finance, Jean-Baptiste Ondaye, expressed confidence that the agreement will impact the Central African country's financial projects.
"I have no doubt that the strategic partnership agreement with the United Arab Emirates that we have just concluded today will greatly contribute to the financing of structuring projects in Congo," he noted.
Since 2021, the UAE has been actively pursuing Comprehensive Economic Partnership Agreements, which include bilateral trade, investment, and cooperation agreements. This concerted effort is in line with the UAE's overarching strategy to diversify revenue streams and stimulate growth across multiple economic sectors.