President Sheikh Mohamed met Faustin-Archange Touadera, President of the Central African Republic, on Thursday, as the two nations signed a Comprehensive Economic Partnership Agreement.
The leaders met at Qasr Al Shati in Abu Dhabi, where they discussed trade, investment, renewable energy, infrastructure and other important development areas that serve the interests of both nations, state news agency Wam reported. The trade agreement aims to enhance bilateral trade and investment opportunities, particularly in vital sectors.
Sheikh Mohamed said the signing of the agreement marks a new phase in the UAE’s relationship with the Central African Republic, driven by a shared vision for growth and sustainable development to achieve mutual economic and social benefits, Wam reported.
Mr Touadera welcomed the signing of the agreement, voicing hope that it would strengthen economic ties between the UAE and the Central African Republic and contribute to sustainable development and economic prosperity for both countries.
It is estimated that non-oil trade between the UAE and the Central African Republic reached $252 million in 2024, a 75 per cent increase on the previous year, stated Wam.
Among the non-oil exports from the UAE to the Central African Republic are essential consumer goods such as food products, textiles, and electronics, as well as machinery and pharmaceuticals that support important sectors across Africa.
The Central African Republic exports agricultural products, including coffee, cotton, and cassava, to the UAE, in addition to valuable mineral resources, such as gold and diamonds.
The agreement is expected to “increase market access for locally produced goods in both countries by reducing or eliminating tariffs, removing non-tariff trade barriers, and boosting investment in key sectors, including agriculture, infrastructure, and technology”, Wam reported.
As the UAE continues to expand its global trade network, the agreement underlines its commitment to strengthening strategic economic ties with African nations, recognising the continent’s growing role in the global economy, Wam added.