20 Jun 2022
Ministry of Economy explores private sector perspectives on CEPAs
Ministry invites national companies to participate in the study and share their views by visiting www.moec.gov.ae/cepa
The Ministry of Economy issued an extensive survey with an aim to explore the UAE private sector’s perspectives on the future of the Comprehensive Economic Partnership Agreements (CEPA), prior to the negotiations with Turkey, Australia, and Georgia. The step will help take the views of companies, manufacturers and entrepreneurs in the country into account to promote the standards of the CEPA negotiations. These efforts are significant as the UAE prepares to sign more CEPAs with key partners from all over the world, in line with the implementation of the economic partnership program, which was announced last September as part of the UAE’s Projects of the 50.
The study is divided into six sections covering various aspects such as the status of accessibility to target markets, trade and investment capacities, trade obstacles, and the government’s role in facilitating export and investment activities. The UAE’s negotiation team will benefit from these findings to establish highly productive global economic partnerships that will be beneficial to national companies, by either enabling more convenient access to export markets or creating the right atmosphere for UAE investors to thrive in target markets.
The survey, which was published on the Ministry’s website www.moec.gov.ae/cepa, falls in line with the Ministry’s continuing efforts to ensure the private sector’s active participation in the formulation of new policies and trends, in addition to exploring the national business community’s perspectives on the same.
H.E. Juma Mohammed Al Kait , Assistant Undersecretary for International Trade Affairs at Ministry of Economy, emphasized that the study will play a key role in shaping the future of CEPAs. He said: “Our goal is to gain a better understanding of the challenges faced by the private sector while attempting to acquire the benefits of the agreements that are currently being negotiated. The main aim of our new trade agenda is to enable a better access for the business community to markets services, and investments. Therefore, listening to their opinions and experiences will help us establish CEPAs that are more productive and beneficial to the country’s business sector.”
He added: “We are optimistic that the country’s private sector companies will come forward to take part in this study and offer as much details as possible to ensure the achievement of optimum benefits to the future economy of the UAE.”
The UAE signed the first CEPA with India in May, which is expected to add USD 9 billion to the country's GDP by 2030. The country additionally signed an agreement with Israel in the beginning of this month, to be followed by the CEPA signing with Indonesia. Furthermore, the UAE is currently expediting CEPA negotiations with Turkey, Georgia, and Australia as well.