UAE – Mubasher: The UAE and Morocco have finalised the terms of a comprehensive economic partnership agreement (CEPA) to boost trade exchange and investment relations.

The CEPA aims facilitate the free flow of goods and services by reducing or removing tariffs, eliminating unnecessary barriers to trade, improving market access for services, enhancing customs harmonisation and establishing flexible rules of origin for goods, according to the Emirate News Agency (WAM).

It also targets establishing platforms for investment and private-sector collaboration in priority sectors, including renewable energy, tourism, infrastructure, mining, food security, transport, logistics, and ICT.

The UAE’s CEPA programme aims to boost non-oil trade to AED 4 trillion through strategic partnerships.

Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, commented: “Our two brotherly nations already enjoy strong bilateral economic relations, and this agreement will enable us to further develop areas of mutual benefit, particularly in sectors such as tourism, energy, manufacturing, and agriculture.”

Ryad Mezzour, Minister of Industry and Trade of the Kingdom of Morocco, stated: “The agreement, which strengthens the legal arsenal between the two countries, aims to support the development of trade and investment, by opening new opportunities to upgrade the level of joint cooperation in economic and commercial fields.”

The UAE-Morocco trade surged 30% in 2023 to $1.30 billion, with the Emirati investments in the kingdom surpassing $15 billion.

Morocco, Africa’s sixth-largest economy ($152.40 billion GDP in 2023), is the UAE’s latest CEPA partner.