The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and the Republic of Benin is anticipated to increase UAE exports to Benin by more than $1 billion by 2033, while increasing Benin’s exports to the UAE by more than $100 million during the same period, according to Dr. Thani Bin Ahmed Al Zeyoudi, Minister of Foreign Trade. This will open up new avenues for the two nations to collaborate on trade and investment. He clarified in a statement to the Emirates News Agency (WAM) that the deal calls for the removal or reduction of a sizable share of customs tariffs in addition to high levels of trade liberalisation, which cover over 97% of present trade between the two nations.
He emphasised that the deal is a significant addition to both the UAE’s larger connection with the African continent and the cooperative efforts between the UAE and Benin. He pointed out that in recent months, negotiations had advanced at a historic rate. He complimented the business and leadership communities of Benin and the United Arab Emirates on the agreement’s signing. In view of Benin’s robust economic growth over the last two years—growth exceeded 7.5% last year—he emphasised the opportunity it presents across a variety of sectors. The substantial prospects for UAE private-sector businesses looking to enter the Beninese market are reflected in this performance.
He pointed out that cotton, certain nuts, soybeans, and a variety of food items are Benin’s top exports to the UAE. These products can be re-exported to international markets via the UAE and have prospects in the UAE market. He continued by saying that the Beninese market imports a variety of devices, electronics, equipment, and spare parts that directly assist the infrastructural and industrial sectors. He confirmed that the deal also creates chances for investment and services. During a roundtable conference earlier today, he cited the signing of an agreement in the renewable energy industry. He pointed out that UAE businesses currently operate in Benin, making investments in clothing industries that profit from the country’s cotton supply. Along with considerable prospects in the electronics and technology industries, he highlighted that precious metals, especially gold, will play a major role in growing bilateral commerce.
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