Vietnam and the United Arab Emirates (UAE) have embarked on a new chapter in their trade relationship, finalizing a Comprehensive Economic Partnership Agreement (CEPA) that paves the way for increased cooperation and mutual growth. Signed by Vietnamese Prime Minister Pham Minh Chinh in Dubai, this agreement is Vietnam’s first free-trade agreement with a Middle Eastern nation, symbolizing both nations’ commitment to expanding economic partnerships and creating new trade opportunities.
The CEPA, achieved after a year of dedicated negotiations, will see the UAE gradually eliminate tariffs on 99% of Vietnam’s exports, while Vietnam will reduce tariffs on 98.5% of goods from the UAE. By lowering these trade barriers, the agreement opens doors for both countries’ businesses in agriculture, energy, technology, and logistics, creating a foundation for increased trade flows and investment.
In 2023, trade between Vietnam and the UAE reached around $4.7 billion, showing a 6% rise from the previous year. The new agreement is expected to boost this figure significantly, enabling Vietnamese exporters to access Middle Eastern markets with greater ease and providing UAE investors with expanded entry into ASEAN markets.
This landmark agreement underscores both nations’ positive outlook on international trade as a driver for economic prosperity and regional collaboration, advancing their shared vision of a more interconnected global economy.
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