United Arab Emirates and Mauritius Ink Trade Deal

A significant milestone in economic relations between Mauritius and the United Arab Emirates (UAE) was marked with the signing of a Comprehensive Economic Partnership Agreement (CEPA) at the Armani Hotel in Dubai’s Burj Khalifa.

This landmark agreement opens up new avenues for bilateral and regional trade in goods, services, investments, supply chains, and technology transfer, as well as economic cooperation and professional mobility.

This is the first of its kind between the UAE and an African country. Mauritius was represented by Maneesh Gobin, Minister of Foreign Affairs, Regional Integration, and International Trade, while Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Affairs, signed on behalf of the UAE.

The Prime Minister of Mauritius, Pravind Kumar Jugnauth, and Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, participated in the ceremony via pre-recorded video messages.

In his pre-recorded message, Prime Minister Jugnauth expressed his gratitude to Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, for his unwavering support in strengthening ties and cooperation between the two nations.

He also acknowledged the vital contribution of the Vice President and Prime Minister of the UAE to reinforcing bilateral ties.

“We are embarking on a journey that not only strengthens our bilateral ties but also opens up opportunities for cooperation and collaboration in various sectors,” Prime Minister Jugnauth said.

“This agreement is aiming not only to eliminate trade barriers but to foster a deeper understanding and partnership that benefits both our economies and populations, as well as the Gulf region and Africa as a whole.”

Sheikh Mohammed bin Rashid Al Maktoum emphasized that the UAE is committed to forging strong and mutually beneficial partnerships with friendly countries that share its vision of promoting economic growth.

“The UAE, under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan, is committed to forging partnerships that benefit both parties,” he said.

Minister Gobin highlighted that the partnership agreement aims to create a favorable environment for investments and business expansion by encouraging collaboration in tourism, finance, and technology to stimulate economic growth and create jobs.

Mauritius looking to attract investments from the UAE in sectors aligned with its economic strategy, including biotechnology, blue economy, renewable energy, and healthcare and education services.

The UAE’s dynamic investment ecosystem and government support for startups and innovation were also highlighted by Minister Gobin.

In 2023, total trade between Mauritius and the UAE reached $392 million, with Mauritius’ exports valued at $135 million and imports from the UAE totaling $257 million.

This agreement is expected to improve the circulation of goods and services between the two countries, stimulate bilateral investments, and create new commercial opportunities for both parties.

The UAE is an important source of foreign direct investments (FDI) for Mauritius, with cumulative FDI inflows from 2015 to 2023 amounting to Rs 10 billion.

Mauritius and the UAE have expressed their ambition to work together to develop trilateral partnerships with Africa to exploit immense opportunities on the continent.

The CEPA reinforces this collaboration by providing a framework to increase trade and investments.

With the African Continental Free Trade Area creating a single market of 1.3 billion people, Mauritius could serve as an ideal gateway for UAE investors seeking access to Africa.

Source: Le Mauricien