Vietnam-UAE’s CEPA: A Strategic Gateway Between ASEAN and the Gulf

 


On October 28, 2024, Vietnam and the UAE signed the Comprehensive Economic Partnership Agreement (CEPA), marking a significant milestone in their bilateral relations. This agreement seeks to strengthen economic ties between the two nations, diversifying trade and enhancing economic resilience.

The CEPA offers much more than just a trade deal between Vietnam and the UAE—it creates a strategic gateway that connects the broader Gulf Cooperation Council (GCC) and ASEAN regions. This partnership fosters South-South cooperation, presenting new opportunities for economic growth across both areas.

For Vietnam, key exports such as agricultural products and seafood stand to benefit greatly from reduced tariffs and improved market access in the UAE. With the UAE serving as a re-export hub for the larger GCC market, these products are poised to reach a more extensive customer base.

Additionally, the CEPA is expected to facilitate UAE investments in Vietnam’s infrastructure, technology, and renewable energy sectors. This aligns with the UAE’s Vision 2030 and its strategy to boost foreign direct investment in Asia.

However, both countries face challenges in implementing the agreement effectively. Issues such as high shipping costs, regulatory complexities, and market compliance will require coordinated efforts to overcome. Despite these obstacles, the Vietnam-UAE CEPA holds the promise of fostering long-term economic growth and deeper cooperation between ASEAN and the Gulf regions.

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