UAE State News Agency has an article highlighting the strategic significance of the CEPA Agreement.

After the CEPA was signed, WAM - the UAE State News Agency published an article recording the opinions of many officials, considering this an important step in the UAE's strategy.

Industry and Trade Newspaper respectfully translates and introduces to readers the content of the article.
On the afternoon of October 28, 2024, in Dubai, Prime Minister Pham Minh Chinh and Vice President and Prime Minister of the United Arab Emirates (UAE) Sheikh Mohammed bin Rashid Al Maktoum witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE.

On this occasion, UAE Ministers and government officials, together with leaders from leading economic organizations, emphasized the important role of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Vietnam.

This agreement is considered an important step in the UAE's strategy of expanding economic cooperation with countries around the world , in which Vietnam is identified as a strategic partner and a leading economy in the Asian region.

CEPA marks an important step in the UAE's strategy to expand global economic cooperation - Photo: WAM

UAE Finance Minister Mohamed Hadi Al Hussaini affirmed: "The signing of the CEPA between the UAE and Vietnam has opened up new directions for economic cooperation between the two countries. By removing trade barriers and improving market access, this agreement not only promotes bilateral trade but also creates many new investment opportunities. This will strongly support the growth and diversification goals of the UAE economy, while strengthening our country's position as a global trade and investment hub" .

UAE Minister of Energy and Infrastructure, Mr. Suhail bin Mohammed Faraj Al Mazrouei said: "The CEPA Agreement with Vietnam opens up new horizons for cooperation in the energy and infrastructure sectors - areas that are vital for the long-term sustainable development of both countries. Vietnam, with its strong development in the renewable energy sector, offers significant opportunities for the UAE to provide expertise and expand investment. In 2023, Vietnam will produce 69% of ASEAN's total solar and wind energy, affirming its key role in the region's energy transition."

Minister of Industry and Advanced Technology, Dr. Sultan bin Ahmed Al Jaber shared: "This agreement is fully in line with the UAE leadership's vision of promoting international cooperation. It not only supports the goal of economic diversification but also helps expand the UAE's network of trade and investment partners around the world. In addition, the agreement also facilitates the expansion of the UAE's export market for industrial products to Vietnam and ASEAN countries, contributing to the implementation of our National Strategy for Industry and Advanced Technology".

Minister of Economy, Abdulla Bin Touq Al Marri, shared that the UAE and Southeast Asia have many common interests. According to him: "The CEPA with Vietnam - our largest trading partner in Southeast Asia - helps strengthen the relationship between the two economies and opens up many opportunities for cooperation in priority areas such as food security, manufacturing, and logistics. With Vietnam's GDP reaching about 470 billion USD this year and an expected growth rate of 6% in 2025 and the following years, Vietnam is a great potential market for UAE exporters and investors" .

Mr. Mohamed Hassan Al Suwaidi - Minister of Investment, commented that CEPA marks a new era in the investment relationship between the UAE and Vietnam. According to him: "Vietnam, with its rapid economic development and strategic location in Southeast Asia, is an ideal destination for UAE capital flows, especially in the fields of infrastructure, industry and logistics. Through the Comprehensive Economic Partnership Program, we identify growth partners and secure mutually beneficial agreements, expanding the UAE's global investment portfolio and strengthening the country's position as a leading hub for foreign direct investment" .

Dr. Amna bint Abdullah Al Dahak - Minister of Climate Change and Environment also affirmed that: "The CEPA Agreement between the UAE and Vietnam is a significant opportunity for the two sides to cooperate in areas such as climate change, food security and sustainable development. With Vietnam's strengths in the agricultural sector, especially products such as rice, cashew nuts, coconuts, spices and milk, combined with the UAE's global trade network, we can work together to address global food security challenges".

Minister of Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi emphasized: "This agreement is part of the UAE's international trade strategy, aiming to increase non-oil trade to AED 4 trillion and non-oil exports to over AED 800 billion by 2031. Vietnam has emerged as the UAE's largest non-oil trade partner in the ASEAN region, with non-oil trade turnover reaching US$6.1 billion in the first half of 2024, up 8.7% year-on-year."

Mr. Khaled Mohamed Balama - Governor of the Central Bank of the UAE said: "The cooperation between the UAE and Vietnam under the CEPA Agreement is a testament to the efforts and strategic vision of the UAE leadership in diversifying the economy and expanding cooperation in various fields. This agreement not only helps to increase bilateral trade and investment but also contributes to promoting economic growth and financial stability for both countries in the future" .

The CEPA Agreement consists of 18 Chapters, 15 Annexes and 2 bilateral letters with contents including trade in goods, services - investment, rules of origin, technical barriers to trade (TBT), sanitary and phytosanitary measures (SPS), customs, trade defense, government procurement, intellectual property, legal - institutional.

Notably, the two sides agreed to make a strong commitment to trade liberalization, with the UAE committing to phase out tariffs on 99% of Vietnam's exports to the UAE, while Vietnam also committed to phase out tariffs on 98.5% of the UAE's exports to Vietnam.

The agreement also includes many provisions to facilitate trade and investment, in line with current trends in digital transformation and green development.

Source: https://congthuong.vn/hang-thong-tan-nha-nuoc-uae-co-bai-neu-bat-y-nghia-chien-luoc-cua-hiep-dinh-cepa-355520.html