UAE And Chile Seal Comprehensive Economic Partnership Agreement
The United Arab Emirates (UAE) and the Republic of Chile have reached a pivotal moment in their bilateral relations with the successful conclusion of negotiations on a Comprehensive Economic Partnership Agreement (CEPA). This agreement, signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Alberto van Klaveren, Chile's Minister of Foreign Affairs, signifies a major leap forward in the economic collaboration between the two nations.
CEPA stands as a cornerstone within the UAE's ambitious programme aimed at elevating its non-oil foreign trade to an impressive AED4 trillion by 2031. The flourishing trade relationship between the UAE and Chile is evident, with non-oil trade figures reaching US$305.1 million in 2023, marking a substantial growth of 23.6% since 2019.
Dr. Al Zeyoudi expressed his enthusiasm about the agreement, highlighting its role in providing UAE companies and exporters with unprecedented access to the burgeoning markets of Chile and Latin America. "Chile is an ideal partner within the CEPA programme being implemented by the UAE," he remarked, emphasizing the sustainable and mutually beneficial growth in trade of goods and services, investment, and economic cooperation that this partnership promises.
"With the agreement's signing, the private sectors in both countries will benefit from vital new trade links between South America and the Middle East," Dr. Al Zeyoudi added, pointing out the dynamic and growing markets that encompass over 800 million people.
On his part, Alberto van Klaveren celebrated this achievement as a testament to the strong relationship between Chile and the UAE, sharing a vision for open and rules-based trade. "The agreement will add further momentum into our bilateral trade, while also generating boundless new opportunities for a more prosperous, modern, and dynamic economic relationship between Chile and the UAE," he noted.
The signing of this agreement was part of Dr. Al Zeyoudi's broader visit to Central and South America, which also included securing CEPA agreements with Colombia and Costa Rica. This series of agreements underscores the UAE's strategic approach to enhancing its global trade relations and diversifying its economy beyond oil.
This landmark agreement between the UAE and Chile not only strengthens their economic ties but also sets a precedent for future collaborations between the Middle East and Latin America. As both regions look forward to reaping the benefits of this partnership, it marks a significant step towards a more interconnected global economy.
With inputs from WAM
Sign in with Google