United Arab Emirates, Morocco Sign Comprehensive Economic Partnership Agreement

On July 28, an agreement was signed between the United Arab Emirates and the Kingdom of Morocco. The Comprehensive Economic Partnership Agreement (CEPA) opens a new phase of relations between the two countries with mutual interests in mind. The document was signed by Emirati Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi and Moroccan Minister of Industry and Trade Ryad Mezzour.

Non-oil trade between the two countries reached $1.3 billion in 2023, up 30% from 2022, and is expected to increase further under the new treaty, as the free flow of goods and services will be facilitated by reduced, if not eliminated, tariffs: fewer barriers, better market access for services, and flexible rules for goods. There are also investment platforms that will attract individuals to key sectors, such as renewable energy, tourism, infrastructure, mining, transportation, and food security.

Today the UAE is already the largest Arab investor in Morocco, having invested more than 15 billion dollars in a number of strategic projects.

“The Comprehensive Economic Partnership Agreement between the UAE and Morocco is a valuable addition to our CEPA program. Our two fraternal countries already enjoy strong bilateral economic relations, and this agreement will enable us to further develop areas of mutual benefit, especially in sectors such as tourism, energy, manufacturing, and agriculture, as well as ensure prosperity in the long term for both peoples,” commented Thani bin Ahmed Al Zeyoudi.

At the same time, Ryad Mezzour explained that “the agreement strengthens ties between the two countries, aims to support the development of trade and investment, and opens new opportunities to increase the level of joint cooperation in the economic and trade fields.” Morocco is Africa’s sixth largest economy, with a GDP of $152.4 billion in 2023 and an expected growth rate of 3.5% in 2024.