So far this year the UAE has secured five new trade agreements, bringing the total number under its Comprehensive Economic Partnership Agreement (CEPA) program to 26.

According to state news agency WAM, Malaysia, New Zealand, Kenya, Ukraine, and the Central African Republic all signed agreements in the first quarter of the year.

These new deals add to those previously signed with countries like Turkey, India, and Indonesia since the CEPA program was introduced in September 2021.

CEPA is a free trade agreement between two nations aimed at reducing or removing trade and investment barriers, thus promoting closer economic relations between the involved countries.

The UAE is also nearing the completion of negotiations with several key global economies, including Japan, with discussions anticipated to be finalised by the end of this year, according to the statement.

WAM reports that CEPAs are positively contributing to the UAE's objective of boosting the total value of its non-oil foreign trade in goods to 4 trillion Dirhams ($1.09 trillion) and increasing non-oil exports to 800 billion Dirhams by 2031, Arab News reports.

“The CEPA program has accelerated this upward trajectory, supporting progress toward the targets outlined in the ‘We the UAE 2031’ vision,” according to the statement. 

In addition, the news agency also stated that these agreements, signed within less than four years, have greatly expanded the UAE’s global trade network and created new opportunities for the country’s private sector and businesses.

As well as the six agreements already in effect, 14 others are currently undergoing technical and ratification processes in preparation for implementation.

The report also mentioned that negotiations for another six agreements have been completed, with signings expected to take place soon.

According to the UAE’s Ministry of Economy, the six CEPA agreements that have already come into effect are with India, Israel, Indonesia, Turkey, Cambodia, and Georgia.

The ministry also noted that another CEPA agreement with Costa Rica is set to come into effect on Tuesday.

After the CEPA agreement with India was launched in May 2022, non-oil trade between the UAE and the Asian country increased by 20.5%, with the UAE's exports to India rising by 75% by the end of 2024.

The primary beneficiaries of these CEPA agreements include sectors such as logistics, clean and renewable energy, advanced technology and applications, and financial services.

Furthermore, other key sectors benefiting from these agreements are green industries, advanced materials, agriculture, and sustainable food systems.