Top Stories
UAE Africa free trade agreement_GBO_Image

UAE to sign African continental free trade agreement in 2021

The agreement will pave the way for businesses across sectors to grow on the continent

Investors in Dubai have a great opportunity to thrive in the competitive market as the UAE plans to sign the African continental free trade agreement next year. It is reported that the agreement will boost Dubai’s trade with African nations by 10 percent over the next five years.

Omar Khan, the chamber’s Director of International Offices, told the media, “the agreement represents a huge opportunity for UAE investors, who will be able do business across the continent based on a single set of trade rules. Dubai is well placed to benefit from the landmark trade agreement due to its status as a preferred re-export hub for African traders and strong presence of UAE companies in African markets and vice versa”.

The meeting organised by the Dubai Chamber of Commerce & Industry indicated that the agreement will pave the way for businesses Africa to grow across sectors to grow on the continent. These sectors include pharmaceuticals, technology, logistics, cold storage and warehousing, manufacturing, infrastructure and agribusiness.

Furthermore, the agreement will create free trade across 55 countries, catering a population of 1.3 billion comprising a GDP worth $3.4 trillion. Over the last few years, trade ties between Africa and Dubai have been growing with a compound annual growth rate (CAGR) of 11 percent. African imports surged by 14 percent, while exports rose by 13 percent.

The period between 2014 and 2018 marked the UAE as the fourth largest among global investors after the US, China and Europe as it invested $25 billion in Africa.

Related posts

Gain signs 11 partnerships to reduce service charges

GBO Correspondent

Singapore’s Tonik gets nod to open digital bank in Philippines

GBO Correspondent

UAE launches public health management system

GBO Correspondent