Dr. Thani Al Zeyoudi stressed that the UAE continues to expand the base of its trading partners around the world, with a focus on the continent of Africa as one of the most promising regions for economic growth.
The minister said: “Congo-Brazzaville has a promising economy rich in natural resources, and enjoys a strategic location in the West Central Africa region, linking many countries with vital economies and markets. The two countries also have a common desire to achieve long-term sustainable economic growth, and they can work together to achieve this.” The goal is to improve the access of their non-oil trade to regional and global markets.”
Al-Zeyoudi added that reaching the Comprehensive Economic Partnership Agreement between the UAE and Congo-Brazzaville is an important milestone in the growing friendly relations between the two countries, and opens wide areas for the business communities on both sides to build long-term partnerships and explore trade and investment opportunities, as the UAE can be a gateway for Congolese exports. Brazzaville towards the Gulf, Arab and regional markets. Likewise, Congo-Brazzaville could constitute a gateway for the UAE towards the Central African markets, in addition to the fact that the agreement will open a new window for Emirati investments searching for promising opportunities in the African continent.
For his part, the Minister of Economy and Finance, Jean-Baptiste Onday, said: “I have no doubt that the comprehensive strategic partnership agreement with the UAE, whose talks we successfully completed today and whose final terms we reached, will contribute significantly to bringing in new investments to provide the necessary financing for many promising projects.” In Congo-Brazzaville to achieve mutual interests, in addition, it will stimulate non-oil trade flows between the two friendly countries.”
The Comprehensive Economic Partnership Agreement between the UAE and Congo-Brazzaville, after the successful completion of the talks and their official conclusion and subsequent entry into force, aims to contribute to increasing non-oil trade flows between the two countries, which recorded $2.1 billion in the first half of this year, a growth of 134 percent compared to the first half. From 2022.
It also aims to facilitate the flow of investments between the two countries, which are distributed across a number of vital sectors.
Last March, the two countries signed three economic agreements that included:
- Agreement to avoid double taxation.
- An agreement to protect and encourage investment.
- Air transport agreement.
Congo Brazzaville, officially known as the Republic of the Congo, is located in west-central Africa, bordered by Gabon, Cameroon, the Central African Republic, the Democratic Republic of the Congo, and Angola. It is the sixth largest oil producer in Africa.
The total value of non-oil trade between the UAE and Congo-Brazzaville recorded about $2.2 billion in 2022, a growth of 5 percent compared to 2021 and a growth of 29 percent and 26 percent compared to 2020 and 2019, respectively.
According to data for the year 2022, Congo Brazzaville is the twelfth trading partner of the UAE among non-Arab African countries, as its share amounts to about 4 percent of the UAE’s non-oil trade with these countries, while during the aforementioned year the UAE was the eighth largest market for Congo Brazzaville’s exports with a share It amounts to 2 percent of its total exports, and the UAE ranked thirteenth as the largest market for Congo Brazzaville imports, with a share of 2 percent.
The UAE's share amounts to about 72 percent of Congo-Brazzaville's non-oil trade with Arab countries.
Since 2021, the UAE has concluded a group of bilateral trade, investment and cooperation agreements, called comprehensive economic partnership agreements, with the aim of strengthening efforts aimed at diversifying sources of income and sectors of the economy.
Last week, the UAE successfully completed talks to reach a comprehensive economic partnership agreement with the Republic of Mauritius, which was the first of its kind for the UAE with an African country.
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