Musings From Abroad

UAE concludes trade talks with Republic of Congo

Published

11 months ago

December 28, 2023

The United Arab Emirates (UAE) and the Republic of Congo have concluded negotiations for a bilateral trade agreement. This is the second African state with which such an agreement has been announced in a few days.

Thani Al Zeyoudi, UAE trade minister, posted on social media that “the breadth of the UAE’s trade network continues to broaden as we conclude negotiations toward a Comprehensive Economic Partnership Agreement with the Republic of Congo-Brazzaville – a thriving economy in West-Central Africa and valued trade and investment partner.”

To support efforts aimed at diversifying income sources and economic sectors, the UAE has been the initiator of several bilateral trade, investment, and cooperation deals on its own since 2021. These agreements are referred to as Comprehensive Economic Partnership Agreements.

The UAE, a significant global oil exporter and OPEC member, concluded trade negotiations with Mauritius last week, marking the first agreement it had ever had with an African nation.

The main products that the UAE exports to the DRC are cars, refined petroleum, motor vehicles, parts, and accessories. According to data from the OEC, as of 2021, exports of UAE to Congo DR have increased at an annualized rate of 64.1%, from $125k in 2005 to $347M in 2021. That is a study scope of sixteen years. In 2021 alone, the UAE exported $347 million to the DRC.

Some UAE firms, like the Primera Group, which has a majority stake in two joint ventures, Primera Gold and Primera Metals, are also heavily involved in mining.

Related Topics:Congo DR Featured Trade relations UAE

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Musings From Abroad

Nigeria, India to strengthen counterterrorism, maritime security cooperation

Published

1 day ago

November 18, 2024

Ifeoluwa Dada

During a state visit to Nigeria on Sunday, Indian Prime Minister, Narendra, Modi reached an agreement, on behalf of his country, to strengthen cooperation in counterterrorism, intelligence, and maritime security.

President Bola Tinubu invited Modi to visit Nigeria, the first Indian prime minister to do so in 17 years.

Tinubu is looking for investments from some of the largest economies in the world.

In addition to discussing economic development, defence, healthcare, and food security, Modi and Tinubu met at the presidential mansion on Sunday after arriving in the capital, Abuja, on Saturday night, according to a joint statement.

The two nations decided to work together to protect maritime trade routes and fight piracy in response to the mounting risks in the Indian Ocean and the Gulf of Guinea.

The most populous country in Africa, Nigeria, is looking to attract more Indian investment and lower-cost credit lines in order to strengthen its economy and generate employment.

Nigeria announced last year that it had obtained about $14 billion in pledges from Indian businesses, including Jindal Steel and Power, which promised to spend $3 billion in Nigeria’s steel industry, during the G20 conference.

Over 200 Indian businesses are present in Nigeria.

Modi was scheduled to go to Brazil for this year’s G20 conference after Nigeria.

Nigeria and India have a long-standing and cordial bilateral relationship. Nigeria, home to more than 200 million people, and India, home to 1.3 billion people, are both sizable emerging nations with multilingual, multiethnic, and multireligious communities.

Musings From Abroad

Military advisors from Russia arrive Equatorial Guinea

Published

2 days ago

November 17, 2024

Ifeoluwa Dada

Russian military advisors are in Equatorial Guinea training indigenous soldiers.

Anonymous sources cited by Reuters during the week claim that between 100 and 200 Russian instructors are training with elite guards in charge of guarding the President and the first family.

The males had been seen in Malabo, the country’s capital, and Bata, its second city. Reports of Russian forces stationed in the nation initially appeared in August.

Oil-rich Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo has maintained close relations with Moscow.

Nguema travelled to Moscow in September to attend the Russian Energy Week International Forum.

Russia has strengthened military connections with African countries, sending advisors and combat soldiers to the Central African Republic, Mozambique, Mali, Niger, and Burkina Faso.

Faced with an Islamist terrorist insurrection, three Sahel countries have turned to Moscow for support, expelling French and American troops.