UAE And Chile Set To Enhance Bilateral Relations With New Economic Partnership

Gabriel Boric, President of Chile, is set to commence a significant official visit to the UAE on Monday. This marks the first such visit since diplomatic relations were established between the two nations in 1978. A major announcement regarding the Comprehensive Economic Partnership Agreement (CEPA) is anticipated during this visit.

The CEPA, which has recently seen successful negotiations, aims to enhance economic cooperation between the UAE and Chile. It covers key sectors such as food security, technology, investment, and space. The agreement is expected to significantly boost trade and investment between the two countries.

During his visit, President Boric will engage in discussions with President His Highness Sheikh Mohamed bin Zayed Al Nahyan. These talks will focus on various aspects of cooperation, particularly in economic, trade, and developmental areas. The discussions aim to align with the sustainable development priorities of both countries.

This visit is poised to elevate bilateral relations to new heights by expanding collaboration areas and enhancing joint efforts to address global challenges. Both nations share a commitment to finding solutions for key global issues like climate action and sustainability. These shared ambitions are expected to translate into projects and initiatives supporting international efforts.

The UAE's commitment to building bridges of cooperation worldwide is reaffirmed through this visit. Strengthening trade and investment presence in Latin America aligns with the UAE's vision for accelerating sustainable economic growth.

Historical Ties and Economic Growth

Diplomatic relations between the UAE and Chile date back to 1978. Over the years, these ties have grown stronger across political, economic, and cultural fields. Chile opened a trade office in Dubai in 2006 and its embassy in Abu Dhabi in April 2009. The UAE established its embassy in Santiago in June 2011.

Economic ties have seen continuous growth over recent years. Several economic agreements have been signed to enhance trade exchange, which reached around US$281 million in 2020. According to official sources, Chile’s main exports to the UAE include potassium nitrate, sodium, wood, and various food products. Meanwhile, the UAE exports phones, portable devices, electronic products, and certain industrial materials to Chile.

Shared Vision for Progress

The UAE remains committed to establishing strong international relations and partnerships. This approach aligns with President His Highness Sheikh Mohamed bin Zayed Al Nahyan's vision of formulating a shared vision for progress through collaboration.

This landmark visit underscores a shared ambition between the UAE and Chile for mutual prosperity through enhanced cooperation. It highlights their dedication to tackling global challenges together while fostering sustainable development paths for a brighter future.

With inputs from WAM