{"id":94080,"date":"2024-07-23T00:00:00","date_gmt":"2024-07-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-inks-economic-trade-agreement-with-mauritius\/"},"modified":"2024-07-23T00:00:00","modified_gmt":"2024-07-23T00:00:00","slug":"uae-inks-economic-trade-agreement-with-mauritius","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/23\/uae-inks-economic-trade-agreement-with-mauritius\/","title":{"rendered":"UAE inks economic, trade agreement with Mauritius"},"content":{"rendered":"

UAE inks first economic partnership agreement with African nation: <\/strong>The UAE has signed an economic partnership agreement with Mauritius, set to grow the Emirates\u2019 economy by 0.96% and Mauritius\u2019 by over 1% by 2030, Wam<\/a> reports. This agreement marks the first of its kind to be signed between the UAE and an African country, and is expected to pave the way for \u201cincreased investment flows with this fast-growing economy,\u201d Investment Minister Mohammed Hassan Al Suwaidi said<\/a>.<\/p>\n

Lower tariffs:<\/strong> The agreement will eliminate tariffs on 99% of UAE imports to Mauritius and 97% on incoming Mauritian imports.<\/span><\/p>\n

And tripling trade: <\/strong>The new economic pact is expected to triple trade between the two countries, aiming to increase non-oil bilateral trade to USD 500 mn within five years, up from USD 170 mn in 2023, Al Zeyoudi told Bloomberg<\/a>. The agreement will cover petrochemicals, heavy machinery, precious metals, and food, in addition to a particular focus on service sectors as the two countries are financial hubs, \u201c[complementing] each other,\u201d Al Zeyoudi said. <\/p>\n

Plus: More investments in logistics and trade? <\/strong>The agreement will also make way for investment into priority sectors such as logistics, manufacturing, tourism, and financial and professional services in Mauritius, Economy Minister Abdullah bin Touq Al Marri said, adding that there will be agreements in the upcoming \u201cweeks and months\u201d ahead. Investment Minister Mohammed Al Suwaidi also name-checked the ICT, tourism, transport, and financial services sectors as potential investment prospects for Emirati firms looking to invest in the country. <\/p>\n

BACKGROUND- <\/strong>The terms of the agreement were finalized last December<\/a>, aiming to foster increased trade and investment flows, as well as enhance private-sector collaboration between the two nations.<\/p>\n

Fast facts: <\/strong>The UAE is the eighth-largest investor in Mauritius, with current investment standing at over USD 13.2 bn. The countries\u2019 bilateral trade came in at USD 170.4 mn in 2023.<\/p>\n

The pact will boost the UAE\u2019s trade with Africa and the Far East<\/strong>, with India, Mauritius, and the UAE \u2014 all of which have trade agreements in place with one another \u2014 set to work on joint projects, Al Zeyoudi told Bloomberg. <\/p>\n

More incoming:<\/strong> The UAE is in talks with Japan and Malaysia to finalize the terms of bilateral trade agreements, with up to seven other pacts set to be inked before year-end, in addition to seven more agreements pending final ratification, Al Zeyoudi told CNBC Arabia (watch, runtime: 3:59)<\/a>. Al Zeyoudi also revealed that the trade pact with South Korea<\/a> is slated to enter into force by 1Q 2025, pending final signing from the Korean side.<\/p>\n

AND- The UAE is hoping to reactivate both bilateral and GCC-level trade talks with the EU <\/strong>by the end of the year<\/strong>, Al Zeyoudi told Reuters<\/a>. A trade zone agreement with the Eurasian Economic Union could also be finalized before year\u2019s end, he added. <\/p>\n

REMEMBER- Reuters <\/strong>reported<\/a><\/strong> earlier this year that the UAE is nudging the EU towards a bilateral trade pact \u201cseparate from an Arab bloc,\u201d<\/strong> due to slow trade negotiations between the Union and the GCC. <\/p>\n

OTHER DIPLOMACY NEWS-<\/p>\n