Yesterday, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, and the Prime Minister of the Republic of Mauritius, Pravind Kumar Jugnauth, witnessed the signing of the Comprehensive Economy. Cooperation Agreement between the two countries.
This is the first agreement of its kind signed by the UAE with an African country, and this promising partnership aims to help increase the UAE’s GDP by 0.96% by 2030, and add 1% to Mauritius’ GDP in the same period.
As His Highness Sheikh Mohammed bin Rashid Al Maktoum emphasized, “the signing of this historic agreement reflects the UAE’s commitment, under the leadership of my brother, the President of the State, Mohammed bin Zayed Al Nahyan, may God protect him. to engage in development cooperation to achieve the interests of the peoples, a consistent vision of the state as part of our efforts to expand as… Bridges of friendship and cooperation with all countries that share our vision of building a bright future for future generations.”
His Highness said: “The cooperation agreement with the Republic of Mauritius reflects our shared vision and desire to improve bilateral relations, advance economic growth and create more opportunities for our two friendly peoples to create a brighter future together and strengthen the bonds that unite us.”
His Highness also confirmed in the blog published yesterday on the “X” platform: “Our goal is to promote economic growth and create more opportunities for two friendly peoples with an African country that is constantly developing with Africa, and we are eager to develop them”.
On his part, Pravind Kumar Jugnauth expressed his gratitude and appreciation to Sheikh Mohammed bin Zayed Al Nahyan, the President of the State, may God bless him, for his Highness’s firm and continuous support in strengthening the cooperation and relations between the two countries.
He also expressed his gratitude to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, for His Highness’s continuous contributions and his constant desire to develop and strengthen friendly relations between them. UAE and the Republic of Mauritius.
He said: “The UAE is an important partner in facilitating the free flow of trade and investment around the world, enhancing international cooperation and maintaining regional stability.”
He added: “After the signing of the Comprehensive Economic Cooperation Agreement between the UAE and Mauritius, we are in the process of inaugurating a new era that will not only strengthen our bilateral relations, but also contribute to joint economic growth and pave the way for improved cooperation and integration in various sectors. This Agreement is not limited to ” Not only in goods and services, but also in promoting a deeper understanding and promising cooperation that will benefit the economies of the two countries, their peoples, the Gulf region, and the African continent as a whole.”
The agreement builds on a strong foundation of growing economic relations between the UAE and Mauritius, with non-oil bilateral trade registering $76 million in the first four months of this year, an 82.5% increase compared to the 2023 period.
Domestic trade in oil was recorded at 170.4 million dollars in 2023, a growth of 14.5% compared to 2022.
Today, the UAE is the eighth largest investor in Mauritius, having allocated 13.2 billion dollars to support projects in the fields of tourism, real estate, renewable energy and technology.
The agreement was signed by the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and the Minister of Foreign Affairs, Regional Integration and International Trade of the Republic of Mauritius, Manish Gobin.
The agreement helps deepen trade and investment relations and accelerate the pace of growth in priority sectors. It will also help create job opportunities, strengthen supply chains and allow companies from the UAE and Mauritius to access markets.
Under the agreement, Mauritius will waive 99% of customs duties on UAE imports, while the UAE will waive 97% of these duties.
It is worth noting that foreign trade is a key pillar of the UAE’s economic agenda, since the trade of non-oil goods in the UAE reached its highest level in 2023, reaching a value of 701 billion dollars, a growth of 12.6% in 2022. 34.7% in 2021.
Comprehensive economic cooperation agreements are considered an essential pillar in achieving the goal of reaching $1.1 trillion in total non-oil trade value by 2031.
The Comprehensive Economic Partnership Agreement program has succeeded in guaranteeing access to markets for nearly two million people, roughly a quarter of the world’s population.
Mohamed Ben Rached:
. The UAE, under the leadership of my brother Mohammed bin Zayed, remains committed to forming development partnerships to pursue the interests of the people, in an effort to build bridges of friendship and cooperation for a brighter future for future generations.
Pravind Jugnauth:
. The UAE is an important partner in facilitating the free flow of trade and investment worldwide, enhancing international cooperation and maintaining regional stability.
. The partnership includes Mauritius waiving 99% of customs duties on UAE imports, while the UAE will waive 97% of customs duties.
