UAE President Sheikh Mohamed bin Zayed has announced the country is starting talks with Japan to reach a Comprehensive Economic Partnership Agreement (CEPA).
The announcement of the talks comes within the framework of the Comprehensive Strategic Partnership Initiative, launched during the visit of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to Japan in September 2022.
It also aligns with the UAE's strategy to expand its network of trade partners through the Comprehensive Economic Partnership Agreement programme, which was launched in September 2021 to achieve sustainable economic growth by removing unnecessary barriers to trade and improving market access for services, including the elimination or reduction of customs duties.
The CEPA talks announced today are built on flourishing trade relations. The UAE is Japan's top trading partner in the Arab world in terms of exports and imports, with the UAE receiving 40 per cent of Japan's exports to Arab countries. Meanwhile, Japan is among the UAE's top ten trading partners globally.
Non-oil trade between the two countries continued to thrive in the first half of 2024, reaching AED 30 billion ($8.1 billion), while the total trade for 2023 stood at AED 65.5 billion ($17.3 billion), marking a 17.4 per cent increase compared to 2022.
The UAE’s Comprehensive Economic Partnership Agreement Programme is a cornerstone of national efforts to promote sustainable growth and economic diversification. It plays a pivotal role in boosting non-oil foreign trade, which surged to unprecedented levels in the first half of 2024, climbing 11.2 per cent year-on-year to reach AED1.395 trillion.
Since its inception, the programme has witnessed the signing of 11 agreements to date with strategically important countries on the global trade map, including six agreements that are currently in effect.
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