The recent launch of the comprehensive economic partnership agreement between the UAE and Gabon marks a significant milestone in enhancing economic cooperation and trade relations between the two nations. This partnership not only unlocks new avenues for joint investments in priority sectors such as mining, food production, and services but also strengthens the UAE’s position in West Africa, a region rich in resources and potential. The economic partnership with Gabon enhances the UAE’s presence in West Africa, offering a framework for sustainable growth and development.
Strategic Partnership for Economic Growth
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of Foreign Trade, emphasized that the signing of this agreement represents a qualitative leap in economic collaboration. He highlighted Gabon as a promising economic ally, particularly given its stable growth factors, with the gross domestic product projected to reach approximately $20.6 billion in 2024 and an anticipated growth rate near 3% in 2025.
Resource-Rich Gabon as a Key Player
Gabon’s economy is fundamentally anchored in its abundant natural resources, with raw materials accounting for over 90% of its total exports. These include oil and its derivatives, manganese for steel manufacturing, and various agricultural products like cocoa, coffee, and palm oil. In 2021, Gabon launched a $5.5 billion Acceleration Transformation Plan aimed at economic diversification and stimulating non-oil sectors through targeted investments in mining, forestry, and agriculture.
Enhancing Bilateral Trade
The comprehensive economic partnership agreement is also set to bolster the UAE’s presence in West Africa, further supporting bilateral trade growth. In 2025, non-oil trade between the two nations is expected to reach around $320.7 million, reflecting an increase from previous years and more than doubling the figures recorded in 2021. Gabon’s notable non-oil exports to the UAE include manganese, rubber, and timber.
Framework for Mutual Investment
Al Zeyoudi elaborated that the agreement aims to reduce tariffs and eliminate unnecessary trade barriers while expanding access to service exports. It also introduces a structured framework for digital trade and establishes clear dispute resolution mechanisms, enhancing the business environment and fostering mutual investments. This strategic move is likely to reinforce the UAE’s status as a global supply chain hub and a key connector between the Arab world, Europe, Asia, and Africa.
As both nations prepare to ratify the agreement, Al Zeyoudi expressed optimism about the immediate benefits that will arise from streamlined customs procedures and enhanced market access. This partnership is set to not only drive economic growth but also solidify the strategic partnership between the UAE and the Republic of Gabon, paving the way for shared prosperity in the region.