Morocco has joined the ranks of Mauritius, Kenya, and Congo-Brazzaville as the latest African nation to finalize the terms of a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, aimed at enhancing trade and investment ties.

The conclusion of the negotiations was confirmed through a joint statement by Dr Thani bin Ahmed Al Zeyoudi from the UAE and Ryad Mezzour from Morocco.

This CEPA will facilitate the free flow of goods and services by reducing tariffs, improving market access, and enhancing customs harmonization.

Investment and private-sector collaboration will be prioritized in key sectors including renewable energy, tourism, infrastructure, and ICT.

Dr Thani bin Ahmed Al Zeyoudi emphasized that the CEPA will enhance mutual benefits across various sectors such as tourism, energy, manufacturing, and agriculture.

In 2023, the non-oil trade between the UAE and Morocco reached USD 1.3 billion, marking a 30% increase from 2022 and an 83% rise compared to 2019.

The UAE's CEPA program aims to boost its non-oil foreign trade to AED 4 trillion by engaging with strategically important markets.

As the largest Arab investor in Morocco, the UAE has invested over USD 15 billion in various strategic projects within the country.

This agreement aligns with a declaration signed by King Mohammed VI of Morocco and President Sheikh Mohamed bin Zayed Al Nahyan of the UAE on December 4, 2023.

Morocco, with a GDP of USD 152.4 billion in 2023, is the sixth largest economy in Africa and is projected to grow by 3.5% in 2024.