Abu dhabi: UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Joo Manuel Louren§o, President of the Republic of Angola, witnessed the exchange of a Comprehensive Economic Partnership Agreement (CEPA) between their countries during Sheikh Mohamed's state visit to Angola. The CEPA aims to enhance economic cooperation and stimulate trade, investment, and coordination between the business communities of the UAE and Angola.
According to Emirates News Agency, the CEPA signifies a strategic step in reinforcing the UAE's partnerships with African nations that share its vision for economic growth and sustainability. The agreement underscores the UAE's commitment to fostering shared prosperity and creating opportunities for future generations. President Louren§o emphasized the importance of the CEPA and various memoranda of understanding in diversifying and strengthening economic cooperation for the benefit of both nations.
The CEPA was exchanged by His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, and His Excellency Rui Miguªns de Oliveira, Angolan Minister of Industry and Commerce. The agreement aims to deepen economic ties by reducing customs duties, removing trade barriers, expanding market access for service exports, and generating investment and cooperation opportunities across different sectors.
With non-oil trade between the UAE and Angola reaching USD 2.17 billion in 2024 and growing by 29.7% in the first half of this year to USD 1.4 billion, the CEPA is expected to further stimulate trade and investment flows. This development is anticipated to benefit both countries and their populations.
His Highness Sheikh Mohamed bin Zayed and His Excellency Joo Louren§o also witnessed the exchange of several memoranda of understanding, including one in the field of artificial intelligence, another between the Central Bank of the UAE and the National Bank of Angola, and one between Al Dahra and the Angolan Ministry of Agriculture and Forestry. These agreements demonstrate the shared commitment of the UAE and Angola to exploring opportunities for cooperation.
The MoU in artificial intelligence was exchanged by H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, and His Excellency Jos© de Lima Massano, Angolan Minister of State for Economic Coordination. The banking MoU was exchanged by His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and Manuel Ant³nio Tiago Dias, Governor of the National Bank of Angola. The agricultural MoU was exchanged by Ahmed Saeed Al Suwaidi, Group Corporate Affairs Officer at Al Dahra, and His Excellency T©te Ant³nio, Angolan Minister of External Relations.
In addition, several agreements and MoUs were announced, covering areas such as political consultations, diplomatic cooperation, tourism, investment, renewable energy, culture, education, labour, sports, health, climate action, and technology, aligning with the development goals of both nations.