Mauritius and the United Arabs Emirates (UAE) have, on Monday 22 July 2024, signed a Comprehensive Economic Partnership Agreement (CEPA) at the Armani Hotel Dubai Burj Khalifa.
This CEPA marks a significant milestone in the economic relations between Mauritius and the UAE, opening avenues for further development in trade in goods, trade in services, investments, and economic cooperation, amongst others.
The agreement is the UAE’s first trade agreement concluded with an African country after conclusion of negotiations on 22 December 2023.
The CEPA was signed on behalf of Mauritius by the Honourable Maneesh Gobin, Minister of Foreign Affairs, Regional Integration, and International Trade, and, on behalf of the UAE, by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
The Prime Minister, Honourable Pravind Kumar Jugnauth, and the Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum, participated in the signing ceremony via recorded video messages.
The agreement aims to ensure trade and investment predictability between the UAE and Mauritius by reducing barriers, facilitating trade, and establishing transparent rules, standards, and procedures.
In his recorded message, Prime Minister Pravind Jugnauth expressed his appreciation to His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, for his unwavering support for the strengthening of ties and cooperation between the two nations.
He also acknowledged the vital contribution of UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum in strengthening the ties between the two countries.
On his part, Minister Gobin emphasised that the agreement seeks to create a conducive environment for businesses to invest and expand, promoting collaboration in tourism, finance, and technology to drive economic growth and create jobs.
Through the CEPA, Mauritius aims to attract UAE investments in sectors aligned with its economic strategy, such as biotechnology, blue economy, renewable energy, and health and educational services.
In 2023, the total trade volume between Mauritius and the UAE reached USD 392 million, with exports from Mauritius amounting to USD 135 million and imports from the UAE totalling USD 257 million. This agreement is expected to enhance the flow of goods and services between our countries, boosting bilateral investment and creating new business opportunities for both sides.
The UAE has, furthermore, been a significant source of foreign direct investment (FDI) in Mauritius, with cumulative FDI inflows from 2015 to 2023 reaching Rs 10 billion.
