UAE and Morocco Finalize Groundbreaking CEPA Agreement

The UAE and Morocco have completed negotiations for a Comprehensive Economic Partnership Agreement (CEPA), promising to enhance trade and investment between the two nations. The agreement aims to eliminate trade barriers, boost market access, and support collaboration in key sectors such as renewable energy, tourism, and infrastructure.

The United Arab Emirates (UAE) and Morocco have successfully finalized a Comprehensive Economic Partnership Agreement (CEPA), marking a significant advancement in their trade and investment relations. The milestone was confirmed with the signing of a joint statement by UAE's Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and Morocco's Minister of Industry and Trade, Ryad Mezzour.

Once implemented, the UAE-Morocco CEPA will reduce or eliminate tariffs and trade barriers, improve market access for services, enhance customs procedures, and introduce flexible rules of origin for goods. It aims to foster investment and private-sector collaboration in crucial sectors like renewable energy, tourism, infrastructure, food security, and ICT.

The bilateral non-oil trade between the two nations totaled USD 1.3 billion in 2023, a notable 30% increase from 2022. The UAE is also the largest Arab investor in Morocco with investments exceeding USD 15 billion. According to Dr. Thani bin Ahmed Al Zeyoudi, the agreement represents a valuable addition to the UAE's CEPA program, enhancing mutual economic prosperity and opening new opportunities for private sectors.

Morocco, Africa's sixth-largest economy with a GDP of USD 152.4 billion, stands to benefit significantly from the agreement. Ryad Mezzour noted that the CEPA strengthens legal frameworks and aims to elevate joint economic and commercial cooperation.

This agreement aligns with a declaration signed by King Mohammed VI of Morocco and UAE President Sheikh Mohamed bin Zayed Al Nahyan in December 2023, emphasizing the establishment of a robust and innovative partnership. The UAE's overall CEPA strategy seeks to boost non-oil foreign trade to AED 4 trillion by diversifying trade relations globally.

Notably, Morocco joins Mauritius, Kenya, and Congo-Brazzaville as the latest African countries to conclude CEPA negotiations with the UAE.