UAE, Congo ink trade agreement

UAE, Congo ink trade agreement

United Arab Emirates (UAE) and Congo have sealed a comprehensive bilateral trade agreement that is expected to reduce or eliminate tariffs, remove unnecessary trade barriers, and improve market access.

Thani Al Zeyoudi, UAE Minister of Trade announced the deal on X, former Twitter.

“The breadth of the UAE’s trade network continues to broaden as we conclude negotiations toward a Comprehensive Economic Partnership Agreement with the Republic of Congo-Brazzaville – a thriving economy in Central Africa and valued trade and investment partner,” the official indicated.

For the Emirati official, the deal builds on the growing bilateral cooperation between the two sides, which saw non-oil trade grow by 134% in the first half of 2023 compared to the first half of 2022, reaching $2.1 billion.

He signed the agreement with Congo’s Minister of Economy and Finance, Jean-Baptiste Ondaye.

The deal, subject to ratification, will also help enhance customs procedures, and create platforms for private sector investment and cooperation in strategic sectors.

Ondaye welcomed the deal as a tool that will impact the Central African country’s financial projects.

“I have no doubt that the strategic partnership agreement with the United Arab Emirates that we have just concluded will greatly contribute to the financing of structuring projects in Congo,” he noted.

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