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The United Arab Emirates could conclude negotiations for a bilateral trade agreement with the central African state of Chad by the end of the year, the Gulf state’s trade minister said on Monday.
Known as Comprehensive Economic Partnership Agreements, or CEPA, the trade, investment and cooperation deals are a key element of the oil-rich UAE‘s strategy to reduce its dependence on fossil fuels and bolster long-term growth.
“We are building on a strong bilateral relationship between the UAE and Chad,” Thani Al Zeyoudi said on the sidelines of the UAE–Chad Trade and Investment Forum held in the UAE capital Abu Dhabi.
“Hopefully we’re going to conclude before the end of the year and then we will see the right occasion to do the signing,” Zeyoudi said, adding negotiations had moved on to discussions over market access.
Bilateral trade between the UAE and Chad stands at $1.9bn, Zeyoudi said, growing more than 30 per cent last year.
Chad officially launched its national development plan, called “Chad Connection 2030”, in Abu Dhabi on Monday. The IMF-backed plan seeks $30bn in public and private investments. Chad’s finance minister, Tahir Hamid Nguilin, told Reuters the outlook for achieving this target was very promising.
The UAE is expected to be a key investor in the economic plan in sectors such as infrastructure, energy, mining and agriculture, agribusiness, logistics and financial services.
Zeyoudi said more than 39 agreements were signed on the sidelines of the event, 18 of which were from the UAE, with a total value exceeding $6.2bn if the projects reached full implementation.
CEPA negotiations are also almost concluded with Nigeria and at an advanced stage with Rwanda, Zeyoudi said.
