Dr. Thani bin Ahmed Al Zeyoudi, UAE minister of State for Foreign Trade, highlighted the importance of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Chile. He noted that this is the 11th agreement for the UAE under its trade agreement program, which has been developed over the past three years and is expected to come into force within six months.
Expected economic impact
In a statement on the sidelines of a roundtable hosted by the ministry on Monday with a Chilean delegation, Dr. Al Zeyoudi explained that the CEPA with Chile is anticipated to contribute an additional $73 million to the national economy by 2031 and will also have a significant impact on increasing the country’s exports to Chile.
Comprehensive trade liberalization, empowering women in commerce
Al Zeyoudi stated, “What sets this agreement apart is its high level of trade liberalization, exceeding 99 percent for both parties. Liberalization is particularly significant in the services sector, which is key to attracting investments to both countries. Additionally, for the first time, we have included a specialized chapter focused on empowering women in the economic and commercial sectors.”
Focus on supply chains
Moreover, Dr. Al Zeyoudi added that a comprehensive chapter on supply chains was included, emphasizing their importance, especially given the current global crises and geopolitical situations.
Strengthening private sector collaboration
Dr. Al Zeyoudi emphasized that the agreement builds on the direct interactions and communication between the Emirati and Chilean private sectors in areas of mutual interest, including minerals, renewable energy, infrastructure, hospitality, and lithium.
Read more: UAE, Chile sign CEPA to boost non-oil trade through tariff cuts and eased barriers
Boosting UAE-Chile trade, opportunities for investors
For his part, Alberto van Klaveren, Chilean minister of Foreign Affairs, noted that the CEPA aims to boost trade between the two countries and create numerous opportunities for investors from both the UAE and Chile.
“We believe there is significant potential in our relationship with the UAE, and Chile offers many opportunities, particularly in areas like food and minerals, which are crucial to our economy,” he added.
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