UAE And Chile Presidents Ink Milestone Economic Partnership Agreement
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Chilean President His Excellency Gabriel Boric Font witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA) between their nations. This event occurred during President Boric's official visit to the UAE.
The CEPA aims to boost non-oil trade by reducing customs duties, removing trade barriers, and simplifying customs procedures. It also seeks to create new investment opportunities and foster cooperation, providing a platform for private sector partnerships in both countries.
During the ceremony at Qasr Al Watan in Abu Dhabi, UAE Minister of State for Foreign Trade His Excellency Dr Thani bin Ahmed Al Zeyoudi and Chilean Minister of Foreign Affairs His Excellency Alberto van Klaveren signed the agreement.
His Highness Sheikh Mohamed bin Zayed Al Nahyan emphasised the UAE's commitment to forming developmental partnerships globally. He believes these collaborations serve mutual interests and create opportunities for future generations, promoting peace, stability, and prosperity.
The UAE is keen on expanding its network of trade and investment partners through its Comprehensive Economic Partnership Agreement programme. This initiative aims to stimulate long-term economic diversification and sustainable growth.
Economic Growth and Cooperation
The CEPA between the UAE and Chile supports mutual economic growth by offering opportunities for business communities and the private sector on both sides. It establishes a vital trade and investment corridor with South America, which holds significant economic potential.
President Boric Font described the CEPA as a major milestone in UAE-Chile relations. He noted that it would enhance trade prospects and diversify investment sources, particularly in sustainability. Since 1978, relations between the two countries have underscored the importance of international cooperation.
Trade Volume Goals
The non-oil trade volume between the UAE and Chile reached USD 306 million in 2023. Both nations aim to triple this figure by 2030, focusing on priority sectors for expanded cooperation.
This CEPA is the second such agreement between the UAE and a South American country, following a similar pact with Colombia last April. Launched in September 2021, the UAE's Comprehensive Economic Partnership Agreement programme is crucial for its growth and diversification strategy.
Foreign Trade Milestones
Foreign trade remains central to the UAE's economic plans. In 2023, non-oil trade hit a record high of USD 701 billion, marking a 12.6% increase from 2022 and a 34.7% rise compared to 2021.
During President Boric's visit, several memoranda of understanding were announced to enhance cooperation between the two countries. These agreements cover areas such as food security, agrifood investment, information technology, peaceful space research activities, and mining.
The signing of these agreements signifies a strengthened partnership between the UAE and Chile. Both nations are committed to fostering economic growth through collaborative efforts across various sectors.
With inputs from WAM
Sign in with Google