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Costa Rica Trade Minister hails UAE as reliable partner

Manuel Tovar, Minister of Foreign Trade of Costa Rica

Manuel Tovar stressed the importance strengthening and expanding economic partnership with the UAE…reports Asian Lite News

Costa Rica signs Comprehensive Economic Partnership Agreement (CEPA) with UAE. Following that, Manuel Tovar, Minister of Foreign Trade of Costa Rica highlights that UAE is a “reliable partner and trade gateway” to the Middle East and Gulf countries.  

In statements to the Emirates News Agency (WAM) on the sidelines of the CEPA signing, Tovar said that the agreement marks a new era in promoting trade and investment relations between the two countries.

He stressed the importance of strengthening and expanding economic partnership with the UAE, recognising the country’s strategic economic weight, not only regionally but also in international markets.

He commended the UAE’s success in diversifying its economy beyond oil, leading to a developed and flexible economic structure, particularly in the service trade, a focus area for both nations to underscore and reinforce through the CEPA.

Tovar stressed the mutual interest in bolstering economic ties through the CEPA, emphasising sectors like renewable energy, where Costa Rica aims to fulfill over 90% of its electricity needs from sustainable sources. Tovar discussed potential collaboration and investment opportunities in renewable energy, presenting promising prospects for businesses in both countries.

Moreover, Tovar identified agriculture and food processing as key areas of cooperation, with a focus on expanding Costa Rica’s exports of various agricultural products such as apples and coffee. He also highlighted the potential for tourism growth between the two countries, noting the UAE’s diverse attractions.

Non-oil trade between the UAE and Costa Rica has shown consistent annual growth, with a remarkable 23% increase in 2022, reaching $60.4 million, more than double the value recorded in 2018.

ALSO READ : UAE, Costa Rica Agree Terms on CEPA

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‘CEPA with UAE to make Mauritius gateway to Africa’

The UAE and Mauritius concluded the terms of CEPA in last December, marking the first concluded by the UAE with an African nation….reports Asin Lite News

The Comprehensive Economic Partnership Agreement (CEPA) with the UAE will help Mauritius become a gateway to Africa for the Middle East, said Prithvirajsing Roopun, the President of Mauritius.

In an interview with WAM at the World Governments Summit (WGS) in Dubai, he said during his meetings with top UAE officials at the WGS, “We are all unanimous that CEPA is going to take our bilateral relations to new heights.”

It is not only for the UAE and Mauritius but for African continent also, he stressed, as the new opportunities brought by the CEPA will help Mauritius become a gateway between Africa and the Middle East. “It is a win-win situation for all of us.”

New opportunities

The UAE and Mauritius concluded the terms of CEPA in last December, marking the first concluded by the UAE with an African nation. Building on almost five decades of ties, and more recent foundations including the opening of the Dubai office of the Mauritius Economic Development Board, the CEPA will cover trade in goods and services and investment facilitation, amongst others. Once implemented, it will accelerate robust growth in non-oil bilateral trade between the UAE and Mauritius, which in H1 2023 stood at US$63.1 million, with opportunities strongest in chemicals, metals, and petroleum products sectors.

Talking about further prospects, the Mauritius President said the CEPA will open new opportunities for bilateral cooperation in governance, Artificial Intelligence (AI), Information and Communications Technology (ICT), biotechnology, biopharmaceuticals, and blue economy.

He was happy to hear the latest trends about AI from global experts at the WGS. AI will be a gamechanger in many sectors, if properly used, and no room for any apprehension about it. AI can be helpful in especially in governance, education, and health, the President said.

UAE champions voice of Global South

The UAE as an emerging world leader is supporting the voice of the Global South, especially the small island nations such as Mauritius, Roopun said.

“We are very appreciative of this. The main challenge that we are facing today is, of course, the global urgency of climate change. We wish to have the support, so that we can tackle the issue of climate change more effectively. For that, each one of us, big or small country, should join.”

He emphasised that the COP28, the UN Climate Conference in Dubai, was a resounding success, which would help the world to find concrete solutions to climate change.

President Roopun is a holder of a master’s degree in international business law (LLM) from the University of Central Lancashire.

Since 1989 and for over fifteen years, Roopun has been a member of the board of examiner of the Council of Legal Education. He also lectured at the Faculty of Law of the University of Mauritius. (By Binsal Abdulkader)

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UAE, Costa Rica Agree Terms on CEPA

Bilateral non-oil trade between the UAE and Costa Rica has been growing consistently year-on-year, climbing 23% in 2022 to reach US$60.4 million– which is more than double the value recorded in 2018…reports Asian Lite News

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Manuel Tovar, Minister of Foreign Trade of Costa Rica, have signed a joint statement to confirm the conclusion of negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the two nations. Once implemented, the UAE-Costa Rica CEPA will eliminate or lower tariffs, reduce barriers to trade, promote private-sector collaboration and create pathways for investment.

Bilateral non-oil trade between the UAE and Costa Rica has been growing consistently year-on-year, climbing 23% in 2022 to reach US$60.4 million– which is more than double the value recorded in 2018. Costa Rica’s economy has demonstrated resilience amid global challenges, growing by 4.7% in the first half of 2023, with services contributing 66.9% to the country’s GDP. It is also a regional leader in clean energy, with hydropower the dominant source of energy in the country, which offers considerable scope for investment.

Al Zeyoudi stated, “The UAE and Costa Rica are both nations that see the immense benefits of open trade, and the opportunities for further economic collaboration in key sectors such as tourism, renewable energy, food security, ICT and manufacturing. Costa Rica is one of the most promising, investment-friendly economies in Latin America and we look forward to building on our positive relationship to accelerate trade flows and establish platforms for investment and joint-ventures. We are both committed to developing resilient, future-proof and sustainable economies and this partnership will enable us to support each other’s efforts.”

Manuel Tovar, Minister of Foreign Trade of Costa Rica, stated, “It fills me with satisfaction and pride to have reached the closure of this negotiation. A CEPA with the United Arab Emirates marks a milestone for Costa Rica, as it is the first time that Costa Rica has signed an agreement with a Middle Eastern and Gulf country. I am certain that the future entry into force of the CEPA will consolidate the relationship between Costa Rica and the UAE, a long-standing partner and friend, as it would expand and diversify opportunities for our exportable supply and for consumers and producers, provide legal certainty for trade and investment activities and promote economic cooperation among our countries.”

The UAE launched its CEPA programme in September 2021 and has successfully concluded deals with India, Indonesia, Israel, Türkiye, South Korea, Cambodia, Colombia, Georgia, Mauritius and Congo-Brazzaville. The first four agreements have already come into effect.

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UAE set to launch CEPA talks with Thailand

Dr Thani Al Zeyoudi emphasized that these negotiations represent another important step in our growth agenda and underline UAE’s role as a key enabler of global trade….reports Asian Lite News

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce of Thailand, have signed a joint statement agreeing to launch negotiations to establish a Comprehensive Economic Partnership Agreement (CEPA) between the two countries. The first round of negotiations will commence in the UAE on May 16.

Dr Thani Al Zeyoudi emphasized that these negotiations represent another important step in our growth agenda and underline UAE’s role as a key enabler of global trade.

Al Zeyoudi underlined the developing relations between the UAE and Thailand, stating that the negotiations are a natural progression following the launch of the first UAE-Thai Business Council in February 2023.

He added: “Thailand is an increasingly important trade and investment partner for the UAE, and a high-growth economy in the heart of an exciting, rapidly emerging region. We have enjoyed strong bilateral trade growth in recent years and believe a Comprehensive Economic Partnership Agreement will deliver a wealth of opportunity in sectors such as tourism, food security, IT, logistics and financial services. These negotiations represent another important step in our growth agenda and underline our role as a key enabler of global trade.”

Thailand’s economy is the second largest in South-East Asia and is projected to grow 3.8 percent in 2023, driven by the rebound in the country’s vital tourism sector. It also boasts a well-developed services sector that contributes 58.3 percent of the nation’s GDP. A UAE-Thailand CEPA will build on the rapidly increasing non-oil trade between the two nations, which increased 21 percent in 2022 to reach US$6.1 billion.

The UAE’s principal exports to Thailand are ethylene polymers, gold, vegetable residues, delivery vehicles and parts, and electric batteries, with iron, steel and cosmetics emerging sectors. In the other direction, Thailand’s leading exports include office machinery and parts, motor vehicle parts, tires and aluminum plating.

The CEPA negotiations with Thailand are the latest under the UAE’s ambitious foreign trade agenda, which seeks to double its foreign trade and the national economy by 2031.

The UAE has so far concluded 4 CEPAs with India, Israel, Indonesia and Turkey and the first two have already come into force, and the signing of other two agreements will follow later.

The UAE is currently in talks with more markets of strategic importance at the regional and global levels to establish similar agreements.

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First consignment under India-UAE CEPA arrives in Emirates

First consignment under India-UAE CEPA arrives in Emirates

CEPA is a watershed in the deepening bi-lateral ties between India and the UAE, reports Shaneer Siddiqui

The historic India-UAE Comprehensive Economic Partnership Agreement (CEPA), which was signed between the two nations on February 18, 2022, officially came into force from May 1.

CEPA is a watershed in the deepening bi-lateral ties between India and the UAE. The agreement will boost trade in goods and services, increase flow of cross-border investments, create opportunities for MSMEs, generate employment, and result in growth and development of both India and the UAE and beyond.

The first consignment of jewellery products from India to the UAE under the CEPA arrived at Dubai Airport on May 1. The said consignment attracted zero Customs duty at the time of import into the UAE under this agreement.


An event was jointly held to mark the import of the first consignment from India to the UAE under CEPA at the Transguard Headquarters, Dubai Airport Free Zone.

During the event, Sunjay Sudhir, Indian Ambassador to the UAE, Juma Mohammed Al Kait, Assistant Under Secretary for International Trade Affairs, UAE, and SuoudAl Aqroubi, Director of International Cooperation, Federal Authority for Identity, Citizenship, Customs and Ports Security, handed over the consignment to the jewellery importers, namely Malabar Gold & Diamonds, Siroya Jewellers LLC and Jewel One Jewellery LLC.

The event was attended by senior officials from the Ministry of Economy, DMCC & Federal Customs Authority of UAE, Embassy of India & Consulate General of India, trade representatives, members of GJEPC, and officials of Transguardand Media.

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Earlier, Secretary in the Department of Commerce, B.V.R. Subrahmanyam, flagged off the first consignment of goods from India to the UAE from New Delhi on May 1.

It is to note that India and the UAE already had a very robust bi-lateral trade of about $60 billion during the pre-Covid period.

India has been the UAE’s second-largest trading partner and largest export destination. The UAE is India’s third-largest trading partner and the second-largest export destination.

This concessional/free trade arrangement between the two nations will bring out the synergies and complementarities in both the economies, which will greatly benefit both the sides.