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The United Arab Emirates and the Republic of Congo (Congo Brazzaville) have successfully concluded talks aimed at reaching a comprehensive economic partnership agreement to bring trade and investment relations to a new level of cooperation, build partnerships between the two economic communities and to stimulate shared economic growth.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Jean-Baptiste Onday, Minister of Economy and Finance of Congo-Brazzaville, signed a joint statement announcing the conclusion of the talks and the establishment of the terms of the agreement, in a ceremony that took place via video communication technology.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi stressed that, in implementation of the forward-looking vision of its wise leadership, the UAE continues to expand the base of its trading partners around the world, with a focus on the African continent. He said: “Congo-Brazzaville has a promising economy, which is rich in natural resources. It enjoys a strategic location in the West Central Africa region, connecting many countries with important 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 goal and improve the access of their non-oil trade to regional and global markets.”
His Excellency added that the conclusion of the UAE-Congo-Brazzaville Comprehensive Economic Partnership Agreement is an important milestone in the growing friendly relations between the two countries, opening up wide-ranging opportunities 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 Congo-Brazzaville exports. Towards the Gulf, Arabian and regional markets. Likewise, Congo-Brazzaville could represent a gateway for the UAE to Central African markets. In addition, the agreement will open a new window for Emirati investments looking for promising opportunities on the African continent.
For his part, His Excellency Jean-Baptiste Onday said: “I have no doubt that the Comprehensive Strategic Partnership Agreement with the UAE, whose discussions we successfully concluded today and whose final terms we have reached, will contribute significantly to enabling new investments. “The necessary financing for many promising projects in Congo-Brazzaville.” “In a way that realizes mutual interests and additionally stimulates non-oil trade flows between the two friendly countries.”
The UAE-Congo-Brazzaville Comprehensive Economic Partnership Agreement, following the successful conclusion of the talks and their official conclusion and subsequent entry into force, is expected to help increase non-oil trade flows between the two countries, which recorded $2.1 billion in first half of this year a growth of 134% compared to the first half of the year. From 2022. It also aims to facilitate the flow of investments between the two countries, spread across a number of important sectors.
The UAE-Congo-Brazzaville Comprehensive Economic Partnership Agreement is an implementation of the two countries’ common will to advance friendly relations more broadly, as the two countries signed three economic agreements last March, including: an agreement on the avoidance of double taxation , an agreement to protect and promote investments and an air transport agreement. This is intended to support cooperation, facilitate trade and promote mutual investment between the two countries.
Congo Brazzaville, officially called the Republic of the Congo, is located in west-central Africa and borders 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 United Arab Emirates and Congo-Brazzaville was approximately $2.2 billion in 2022, a growth of 5% compared to 2021 and a growth of 29% and 26%, respectively, compared to 2020 and 2019. According to data for the year 2022, Congo-Brazzaville is the UAE’s twelfth trading partner among non-Arab African countries, as its share accounts for about 4% of the UAE’s non-oil trade with these countries, while in the above year the United Arab Emirates was the eighth largest market for Congo-Brazzaville’s exports, accounting for 2% of total exports, and the United Arab Emirates ranked thirteenth as the largest market for Congo-Brazzaville’s exports, accounting for 2% of total exports. The UAE’s share is about 72% of Congo-Brazzaville’s non-oil trade with Arab countries.
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