His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and João Manuel Gonçalves Lourenço, President of the Republic of Angola, witnessed today the exchange of the Comprehensive Economic Partnership Agreement between the two countries during His Highness’s state visit to Angola. Sheikh Mohamed bin Zayed affirmed that this agreement will mark a qualitative transformation in economic relations between the UAE and Angola, increasing trade exchange rates and opening new phases of joint economic growth, expanding investment, work, and cooperation opportunities for business communities in both countries. The agreement deepens economic ties by eliminating or reducing customs duties, removing unnecessary trade barriers, expanding service export access to markets, and generating new investment and cooperation opportunities across various sectors. Non-oil trade volume between the UAE and Angola reached $2.17 billion in 2024, with a 29.7% growth in the first half of the year, reaching $1.4 billion.

The agreement is expected to further boost non-oil trade and investment flows, benefiting both nations and their peoples. Additionally, several memoranda of understanding were exchanged, including in artificial intelligence, between the UAE Central Bank and Angola’s National Bank, and between Al Dhahira Company and Angola’s Ministry of Agriculture and Forestry. These agreements cover government and private sectors, reflecting a shared commitment to invest in cooperation opportunities for a new phase of developmental collaboration. Other agreements include political consultations, diplomatic cooperation, tourism, investment, renewable energy, culture, education, workforce, sports, health, climate action, and technology, supporting the developmental aspirations of both countries.