The UAE has concluded 27 Comprehensive Economic Partnership Agreements following the signing of a trade deal with Azerbaijan on Wednesday.
Ten of these deals – with India, Indonesia, Israel, Turkey, Cambodia, Georgia, Costa Rica, Mauritius, Serbia and Jordan – have been implemented and are operational, according to data from the Ministry of Foreign Trade. These are already yielding benefits.
Agreements with other trading partners – Australia, South Korea, Malaysia, New Zealand, Chile, Colombia, Kenya, Ukraine, Vietnam, Central African Republic, the Republic of Congo, Eurasia, Belarus and Azerbaijan – are yet to be implemented. Talks have also concluded with the Philippines, Morocco and Armenia.
On Wednesday, UAE signed the Cepa with Azerbaijan as the two countries look to boost investment flows and unlock opportunities in renewable energy, tourism, logistics, and construction services.
The deal is also expected to enhance private sector collaboration as well as supporting entrepreneurs and small and medium enterprises to expand their operations globally, Wam reported.
UAE-Azerbaijan bilateral non-oil trade in 2024 rose 43 per cent year-on-year to $2.4 billion. The UAE is the top Arab investor in Azerbaijan, with investments of more than $1 billion.
The Cepa initiative is an important pillar of the foreign trade agenda. The UAE aims to increase non-oil foreign trade to $1.1 trillion by 2031.
Cepas aim to reduce tariffs and remove trade bottlenecks through simpler procedures and rules. They have boosted UAE trade with partner countries since 2022.
Ahead of schedule
In 2024, the UAE's non-oil foreign trade hit a record Dh3 trillion ($816.7 billion), up 14.6 per cent year-on-year, as the Emirates continues to diversify its economy and forges closer trade ties with countries around the globe.
Cepas have contributed Dh135 billion to the UAE's non-oil trade with partner nations, an increase of 42 per cent compared to the previous year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on X earlier this year.
“In 2021, we set a goal of reaching Dh4 trillion in annual foreign trade by 2031. By the end of 2024, we have already achieved 75 per cent of that target. At this pace, we will reach it years ahead of schedule,” Sheikh Mohammed said.
Bilateral trade surge
The UAE signed its first Cepa with India in February 2022, with the agreement taking effect that May. Bilateral non-oil trade surged to $50.5 billion in the following 12 months – a 5.8 per cent annual increase.
Israel was the second country with which the UAE signed a Cepa, followed by Indonesia and Turkey.
A deal with Israel came into effect on April 1, 2023 and aims to boost non-oil bilateral trade to $10 billion by the end of the decade – up from $1.3 billion in 2021, the Ministry of Economy said previously.
The UAE and Israel established relations with the Abraham Accords in 2020, and later signed agreements in areas including technology and aviation.
A deal with Indonesia, which came into effect in September 2023, is expected to boost the UAE’s non-oil trade with Jakarta to $10 billion by 2027. The agreement with Turkey aims to achieve trade worth $40 billion by 2028, while the deal with Cambodia has a target of $1 billion by 2025 or 2027.
The UAE-Cambodia Cepa, which came into force on January 2023, is expected to provide market access to companies operating in both countries, as well as boost investment opportunities and support for small and medium enterprises, according to the Ministry of Economy website.
The Cepa between the UAE and Georgia was signed in 2023 and came into effect in June last year. It is expected to more than triple the total value of non-oil trade between the two countries to $1.5 billion within five years, while adding $3.9 billion to the UAE’s gross domestic product and $291 million to Georgia’s GDP by 2031.
This story was originally published on March 9 and was updated after the new deal with Azerbaijan.
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Villains
Queens of the Stone Age
Matador
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
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Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
