A new era of shared economic growth is dawning for Morocco and the United Arab Emirates. The two countries have successfully concluded negotiations towards the establishment of a Comprehensive Economic Partnership Agreement (CEPA).
Eleven years after the entry into force of the first free trade agreement between Morocco and the United Arab Emirates, Ryad Mezzour, Moroccan Minister of Industry and Commerce, and Thani bin Ahmed Al Zeyoudi, Emirati Minister of State for Foreign Trade, signed a joint declaration in Rabat to announce the successful conclusion of the negotiations and the finalization of the provisions of the agreement. The CEPA program aims to expand the UAE’s network of trade and investment partners to achieve the strategic objective of increasing the country’s non-oil foreign trade to AED 4 trillion by 2031. This ambitious goal reflects the UAE’s commitment to economic diversification and strengthening its presence in the global market. Thus, the agreement will not only strengthen bilateral relations with Morocco but will also help position the UAE as a key player in the global economy.
This agreement goes beyond mere trade liberalization and includes many areas related to investment and economic cooperation. It is a model framework to establish a solid foundation for raising the level of cooperation in the fields of economy and investment,” Mezzour said. “The CEPA between the UAE and Morocco is an important addition to the program of comprehensive economic agreements that the UAE continues to implement. The aim is to expand our network of trade and investment partners globally, by establishing promising partnerships with markets of strategic importance both regionally and internationally,” the Emirati minister said, adding that the focus will be on priority sectors such as renewable energy, tourism, infrastructure, mining, food security, transport, logistics, information technology, and communications.
It should be noted that non-oil foreign trade between the UAE and Morocco reached $1.3 billion in 2023, an increase of 30% compared to 2022 and a growth of more than 83% compared to pre-pandemic levels in 2019. The Emirates is also the largest Arab investor in Morocco, with total investments of $15 billion in various strategic projects. As the sixth largest economy in Africa, Morocco reached a GDP of $152.4 billion in 2023, with a projected growth of 3.5% by the end of 2024.
