Important developments in the comprehensive economic partnerships programme
In what indicates that the UAE is intensifying its efforts to enhance its foreign trade, develop prospects for cooperation with its commercial partners, and move towards expansion into new markets, His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, witnessed, on April 17 and 18, 2024, via video communication technology, the signing of two partnership agreements. Comprehensive economic development with both the Republic of Costa Rica and the Republic of Colombia, as part of the UAE’s efforts to build bridges of friendship and cooperation with countries around the world to enhance sustainable growth prospects for future generations, and in a way that supports the UAE’s goals to double the value of its non-oil foreign trade to reach 4 trillion dirhams by 2031.
The importance of the Comprehensive Economic Partnership Agreement concluded by the UAE with Costa Rica is to provide a high rate of access for UAE products to the Costa Rica market, such that 98% of UAE exports are granted an exemption or reduction in customs duties imposed on Costa Rica imports, while enhancing the access of UAE service providers to the Costa Rica market in A wide range of sectors, including business, education, environment, financial services, health and social care, tourism, travel, leisure services, culture, sports, transport and communications, among others.
It is worth noting that the value of non-oil bilateral trade between the UAE and Costa Rica amounted to about $65 million in 2023, an increase of 7% from 2022. The comprehensive economic partnership agreement concluded by the UAE with Costa Rica is expected to add about $46 million to the UAE’s gross domestic product annually by In 2031, compared to $44 million annually for Costa Rica’s gross domestic product, with the UAE’s direct exports to Costa Rica increasing until 2031 to $81 million, and its Costa Rican counterpart increasing to $134 million during the same period, as well as promoting opportunities for cooperation between them in the logistics services and renewable energy sectors. Aviation, tourism and infrastructure, which contributes to enhancing the growth and development prospects of both parties.
On another level, the Comprehensive Economic Partnership Agreement between the UAE and Colombia came as an important step in developing relations between the two countries to strengthen bilateral relations that have grown remarkably in recent years, as their non-oil trade reached $553.1 million in 2023, an increase estimated at about 43% compared to in 2022 and more than double the total achieved in 2021. This agreement would contribute to doubling these numbers within five years after its implementation, while benefiting from reducing customs tariffs, removing trade barriers, and improving the access of goods and service exports to markets on both sides.
In fact, the package of agreements recently concluded by the UAE comes within its program for comprehensive economic partnerships that the government launched in September 2021, with the aim of expanding trade and investment partnerships with strategic markets, as the UAE signed about 10 agreements with countries on four continents during the period (2021-2023). ), within the framework of its aim to conclude similar agreements with 27 countries and economic blocs, including 103 countries whose share represents about 95% of global trade, which will contribute to increasing the UAE’s gross domestic product in 2031 by a value of $41.7 billion, and growing its exports by 33%. To about 100.3 billion dollars, while attracting investments in the fields of information and communications technology, financial services, tourism, etc., which enhances the UAE’s ongoing efforts towards expanding the base of economic partnerships with various countries of the world, in a way that achieves the objectives of the state’s strategy in the field of economic diversification and enhancing the process of sustainable development.
*Issued by the Emirates Center for Strategic Studies and Research
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