Abu Dhabi:Olushegun Adjadi Bakari, the Minister of Tourism and Foreign Trade for the Republic of Benin, highlighted the significance of the newly signed Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates. This agreement marks a critical step in enhancing trade and investment ties between the two nations.

According to Wam, Bakari emphasized that the trade relations between Benin and the UAE are experiencing an annual growth rate exceeding 30%. The CEPA is expected to elevate these relations by facilitating market access between the two countries. The UAE will benefit from access to West African markets, boasting a population of around 400 million, while Beninese products will gain entry into the UAE market.

Bakari noted that Benin, Africa's largest cotton producer with an annual output of over one million tonnes, has ambitions to develop its textile sector. The country also produces cashew nuts, shea products, and various fruits, which it aims to export to the UAE and eventually to other Gulf Cooperation Council (GCC) countries. In exchange, Benin anticipates importing machinery and goods from the UAE to cater to demand within Benin and the larger West African region.

He further stressed the anticipated investments from the UAE as a major benefit of the agreement for Benin. The nation is currently enjoying political and economic stability, with last year's gross domestic product (GDP) growth surpassing 8%, and future growth forecasts by the International Monetary Fund (IMF) exceeding 7.5%.

Bakari expressed Benin's aspiration to partner with the UAE in accessing markets across Africa and beyond. Similarly, Benin and its business community aim to leverage the UAE as a gateway to the markets of GCC countries and beyond.