The UAE and Chile Reach Milestone with Comprehensive Economic Partnership Agreement
The United Arab Emirates (UAE) and the Republic of Chile have made significant strides in their economic relationship by successfully concluding negotiations on a Comprehensive Economic Partnership Agreement (CEPA). The announcement was made jointly by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, and Alberto van Klaveren, Minister of Foreign Affairs of Chile.
The CEPA is a testament to the commitment of both nations to enhance trade and economic cooperation. Non-oil trade between the UAE and Chile has been on the rise, reaching $305.1 million in 2023, a 23.6 percent increase since 2019. This agreement is expected to further strengthen bilateral trade relations and contribute to the UAE’s goal of increasing its non-oil foreign trade to AED4 trillion by 2031.
Dr. Al Zeyoudi highlighted the benefits of the CEPA for UAE companies and exporters, emphasizing that it will provide them with greater access to the rapidly growing economies of Chile and Latin America. He stated, “This partnership will foster sustainable and mutually beneficial growth in trade of goods and services, investment, and economic cooperation.” Additionally, the agreement will create new trade links between South America and the Middle East, benefiting the private sectors of both countries.
Van Klaveren also underscored the mutual advantages of the agreement, noting that it will bring new momentum to bilateral trade and open up opportunities for a more dynamic economic relationship between Chile and the UAE. The CEPA reflects the commitment of both countries to open and rules-based trade, promoting a fair and transparent trading environment.
Dr. Al Zeyoudi’s recent visit to Central and South America has yielded positive results, with CEPA agreements also being signed with Colombia and Costa Rica. These agreements further demonstrate the UAE’s commitment to expanding its economic partnerships and fostering closer ties with countries across the globe.
The CEPA with Chile marks a significant milestone in the UAE’s economic agenda, as it continues to strengthen its position as a global hub for trade and investment. The agreement is expected to boost economic growth, create new opportunities for businesses in both countries, and contribute to the overall prosperity of the region.
As the UAE continues to forge new partnerships and expand its economic reach, the CEPA with Chile stands out as a testament to the country’s commitment to fostering sustainable and mutually beneficial trade relationships. With the agreement now in place, both nations can look forward to a future of increased cooperation, growth, and prosperity.