UAE and Benin Exchange Partnership Agreement Covering 97% of Trade
The UAE and Benin have exchanged a Comprehensive Economic Partnership Agreement covering 97% of their trade, which is expected to raise UAE exports to Benin past $1 billion by 2033.
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Benin's Romuald Wadagni witnessed the exchange of the Comprehensive Economic Partnership Agreement in Abu Dhabi.
The agreement covers approximately 97% of the current bilateral trade volume between the two countries.
Minister of State for Foreign Trade Thani Al Zeyoudi stated that the agreement is expected to raise UAE exports to Benin by more than $1 billion by 2033.
The agreement will not enter into force until ratification procedures are completed.
What do these terms mean?
Comprehensive Economic Partnership: An agreement between two countries that reduces restrictions on trade and investment between them across wide sectors.
Bilateral Trade: The total exports and imports exchanged between two countries during a specific period.
Ratification: A formal procedure in which a country approves an agreement according to its laws before it comes into effect.
Exports: Goods and services sold by a country abroad.
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