Today, Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, witnessed the signing of the Comprehensive Economic 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 percent by 2030, and add 1 percent to Mauritius’ GDP in the same period.
His Highness Sheikh Mohammed bin Rashid Al Maktoum emphasized that the signing of this historic agreement reflects the commitment of the UAE, under the leadership of my brother, the President of the State, Mohammed bin Zayed Al Nahyan, “May God protect him”. , to form development partnerships, to achieve the interests of the peoples, as a coherent vision of the state, in cooperation with all countries that share our vision to build bridges of friendship and a prosperous 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.”
On his part, His Highness Pravind Kumar Jugnauth expressed his gratitude and appreciation to Sheikh Mohammed bin Zayed Al Nahyan, the President of the State, “May God protect him”, for His Highness’ steadfast and continuous support for cooperation and strengthening relations. Both countries also thanked His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, “may God protect”, for His Highness’s continuous contribution and desire to develop and strengthen friendly relations. Between the UAE and the Republic of Mauritius.
His Excellency Pravind said: “The UAE is an important partner in facilitating the free flow of trade and investment worldwide, enhancing international cooperation and maintaining regional stability.”
His Excellency added: “Today, 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 strengthening cooperation and integration in various sectors. This agreement is not limited to the removal of barriers to trade, “not only in goods and services, it is to promote a deeper understanding and a promising cooperation that will benefit the economies of the two countries”, their people, the Gulf region and the African continent in general”.
The agreement builds on a strong foundation of growing economic relations between the UAE and Mauritius, with intra-oil non-oil trade registering $76 million in the first four months of 2024, an 82.5 percent increase compared to the 2023 period. Non-oil domestic trade was recorded at $170.4 billion in 2023, a 14.5 percent increase 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 Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Manish Gobin, Minister of Foreign Affairs, Regional Integration and International Trade of the Republic of Mauritius.
The agreement helps deepen trade and investment relations, accelerating the pace of growth in priority sectors. It will also help create job opportunities, strengthen supply chains and allow Emirati and Mauritian companies 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, as trade in non-oil goods in the UAE reached its highest level in 2023, reaching a value of 701 billion dollars, a growth of 12.6 percent in 2022. 34.7 percent 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 so far succeeded in securing market access for nearly two million people, roughly a quarter of the world’s population.
