The United Arab Emirates (UAE) and Morocco finalised the Comprehensive Economic Partnership Agreement (CEPA) terms on 27 July 2024. The signing ceremony took place in Rabat, Morocco. With the agreement, both countries anticipate to boost bilateral trade and economic relations. Mr. Ryad Mezzour, Minister of Industry and Trade of the Kingdom of Morocco and Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, confirmed the conclusion of the negotiations by signing the joint statement.
The UAE-Morocco CEPA is set to facilitate the uninterrupted flow of goods and services by removing or reducing tariffs. It will also eliminate unnecessary trade barriers, enhance custom harmonisation, improve market access to services, and establish flexible rules for market access to goods. It is also expected to facilitate investment and private-sector collaboration in high-priority areas like tourism, infrastructure, renewable energy, mining, transport, food security, logistics, and technology.
The UAE and Morocco shared $1.3 billion in non-oil trade in 2023. The trade valuation was 83% more than recorded in 2019 and 30% more from 2022. With an investment of $15 billion in various projects, the UAE is the largest Arab investor in Morocco.
Dr. Thani Bin Ahmed Al Zeyoudi noted the strong bilateral and economic relations shared by both nations. The CEPA would only develop tourism, manufacturing, energy, and agriculture partnerships. It would ensure robust people-to-people ties and mutually benefit the citizens of both countries. Dr. Thani hailed Morocco as one of the most competitive economies in Africa and looked forward to working in unison to develop the UAE’s private sectors.
Commenting on the advantages of the CEPA, Dr. Thani noted, “Once implemented, the #UAEMoroccoCEPAwill build on robust ties between our nations, which saw non-oil trade increase 30% in 2023 to reach $1.3bn. The deal will not only boost trade numbers but increase investment into key sectors such as tourism, mining and food security.”
Mr. Ryad Mezzour pointed out that the CEPA follows the implementation of the Declaration signed by President HH Sheikh Mohamed bin Zayed Al Nahyan and His Majesty King Mohammed VI on 4 December 2023 in Abu Dhabi. Mr. Ryad remarked that the agreement is meant to strengthen the UAE-Morocco legal arsenal, develop trade and investment, and upgrade cooperation in commercial and economic fields.
Before Morocco, the UAE signed CEPA with the African nations of Mauritius, Kenya and Congo-Brazzaville. The UAE’s CEPA program aims to expand strategic relations with essential world economies and increase its non-oil trade to Dhs4 trillion. Morocco is the sixth largest economy on the African subcontinent. Its GDP was $152.4 billion in 2023 and is expected to increase by 3.5% in 2024.
UAE and Morocco celebrated the 52nd anniversary of establishing diplomatic relations on 15 July 2024. During the celebration, H.E. Al Asri Saeed Al Dhaheri, UAE Ambassador to the Kingdom of Morocco, noted the two countries’ strong economic and bilateral relations. He also pointed out that the strengthening trade partnership would leverage the Emirati and Moroccan economies for mutual benefit.
