UAE Minister of State for Economy informs about CEPA Agreement on WAM news agency

The UAE Minister of Economy said that the Vietnam - UAE CEPA Agreement will strengthen Vietnam's position as the UAE's largest trade partner in the ASEAN region.

On October 28, 2024, in the UAE, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Economy Thani bin Ahmed Al Zeyoudi signed the Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA) under the witness of Prime Minister Pham Minh Chinh and UAE Vice President and Prime Minister Mohammed bin Rashid Al Maktoum.

On this occasion, UAE Minister of State for Economy Thani bin Ahmed Al Zeyoudi directly shared the prospects for economic cooperation between Vietnam and the UAE with the UAE's Emirates News Agency (WAM).

UAE Minister of State for Economy Thani bin Ahmed Al Zeyoudi shared with WAM about the prospects for promoting economic, trade and investment relations after the two countries signed the Vietnam - UAE CEPA Agreement. Source: Emirates News Agency (WAM)

Sharing with Emirates News Agency (WAM), the UAE Minister of State for Economy said that Vietnam is a major trade partner of the UAE and the UAE's largest non-oil trade partner in the ASEAN region.

On the occasion of the signing of the Comprehensive Economic Partnership Agreement between the UAE and Vietnam, Mr. Thani bin Ahmed Al Zeyoudi said that the two countries share a vision of applying the benefits associated with free trade as a driving force for growth. The UAE Minister of State for Economy also pointed out that the Comprehensive Economic Partnership Agreement emphasizes the two countries' shared aspirations for economic diversification and sustainable development.

“ The UAE and Vietnam are connected by strong non-oil bilateral trade, which has seen record growth in recent years, with non-oil trade in the first half of this year reaching $6.1 billion, up 8.7% year-on-year in 2023 and 33.6% year-on-year in 2022. Meanwhile, UAE non-oil exports to Vietnam increased by 58.4% in the same period,” the UAE Minister of State for Economy emphasized, adding that the Comprehensive Economic Partnership Agreement with Vietnam will contribute 1.6% to the national economy, equivalent to about $8 billion by 2032, reflecting the economic and strategic importance of Vietnam.

Minister of State Thani bin Ahmed Al Zeyoudi pointed out that the Vietnam-UAE CEPA Agreement is the 14th agreement in the Comprehensive Economic Partnership Program and was signed the fastest within 1 year compared to other agreements, reflecting the seriousness of the negotiations and the desire to improve economic relations of both sides.

Dr. Thani Al Zeyoudi explained that the rate of goods liberalization exceeding 90% for customs items and over 98% for UAE exports will create great opportunities for UAE exporters to access the Vietnamese market, while the UAE's rate of liberalization of Vietnamese goods reaches 95%.

“ The Comprehensive Economic Partnership Agreement will strengthen Vietnam’s position as the UAE’s largest trading partner in the ASEAN region and will open the door to a rapidly growing economy and one of the most attractive business environments in the region, with new opportunities in sectors such as food, clothing, textiles, machinery and metals manufacturing,” Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Economy, emphasized.

UAE Minister of State for Economy responds to Emirates News Agency (WAM). Screenshot

Through the CEPA Agreement, Vietnam also has great opportunities in infrastructure and logistics services with plans to expand its airport, rail and road networks as well as add capacity to its ports. In 2023, a number of memorandums of understanding were signed between the two countries in promising areas such as: “logistics services” between Abu Dhabi Port and the Vietnam Maritime Administration; “Digital transformation” between the Ministry of Information and Communications of Vietnam and Sirius International Holdings; “Infrastructure for standards and quality measurement” between the Ministry of Industry and Advanced Technology and the Ministry of Science and Technology of Vietnam.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Economy Thani bin Ahmed Al Zeyoudi signed the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA). Photo: Duong Giang

Regarding the Economic Partnership Agreement Programme, Dr. Thani Al Zeyoudi said that in the first 6 months of 2024, the programme contributed to the UAE's non-oil trade reaching an all-time high of 1,395 trillion dirhams, recording a growth of 11.2%.

Minister of State Thani Al Zeyoudi stressed that the agreement with Vietnam is necessary to sustain this growth and achieve the goals of the economic agenda, as the partnership with Vietnam contributes to achieving this goal through “eliminating or reducing customs duties on most products, removing unnecessary trade barriers, facilitating market access for goods and services, and creating a strong investment and cooperation framework” and “promoting deeper cooperation across a wide range of sectors” from the UAE’s position as a global trade hub to expanding its reach around the world.

Regarding the areas benefiting from the Agreement, Minister of State Thani Al Zeyoudi said that the Agreement is designed to benefit many industries, promote balanced trade in goods and services, and stimulate investment in both directions.

The key sectors that stand to benefit the most from the Agreement include: Technology, renewable energy, logistics, services, transportation, healthcare, agriculture and manufacturing.

Minister of State Thani bin Ahmed Al Zeyoudi pointed out that the Vietnam-UAE CEPA Agreement was signed faster than other agreements, reflecting the seriousness of the negotiations and the desire to improve economic relations of both sides.

Regarding the expected date of entry into force of the Agreement, Minister of State Thani Al Zeyoudi said: The Agreement has now been signed and the two countries will begin the ratification process. The Agreement will enter into force immediately after ratification by both countries. Immediate benefits will include simplification of customs procedures, reduction of customs duties and increased opportunities for... access to each other's markets.

UAE Minister of State for Economy Dr. Thani Al-Zeyoudi stressed that all comprehensive economic cooperation agreements are designed to stimulate and support the private sector. This agreement will further pave the way for exports from small and medium-sized companies to access global markets.

Source: https://congthuong.vn/quoc-vu-khanh-bo-kinh-te-uae-thong-tin-ve-hiep-dinh-cepa-tren-hang-thong-tan-wam-355599.html