UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Chilean President His Excellency Gabriel Boric Font witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Chile during the Chilean President’s official visit to the UAE.
The agreement aims to boost non-oil bilateral trade by eliminating or reducing customs duties, removing trade barriers, and simplifying customs procedures. It also seeks to establish new pathways for investment flows and cooperation, providing a platform for the private sectors of both countries to build partnerships.
The CEPA was signed by UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and Chile’s Minister of Foreign Affairs, Alberto van Klaveren, at a ceremony in Abu Dhabi’s Qasr Al Watan.
Enhancing economic ties
Sheikh Mohamed bin Zayed affirmed the UAE’s commitment to forging developmental partnerships globally to serve mutual interests and benefit future generations. He further stated the UAE is expanding its network of trade and investment partners through its Comprehensive Economic Partnership Agreement program, which aims to drive long-term economic diversification and sustainable growth.
Read more: Abu Dhabi signs MoU with Chile to boost trade, investment
Sheikh Mohamed noted the UAE-Chile CEPA will support mutual economic growth by creating opportunities for businesses and the private sector to expand on both sides. It also establishes a vital trade and investment corridor with South America.
President Boric welcomed the CEPA signing, describing it as a major milestone in UAE-Chile relations that will boost trade prospects and diversify investment, including in sustainability. He highlighted the importance of international cooperation exemplified by the countries’ ties since 1978.
Growing UAE-Chile trade and investment
Non-oil trade between the UAE and Chile reached $306 million in 2023, with both aiming to triple this by 2030 and expand cooperation across priority sectors. The UAE-Chile CEPA is the second such agreement the UAE has signed with a South American country after Colombia.
During the visit, the leaders also announced several memoranda of understanding to enhance cooperation in areas like food security, investment, IT, space, and mining.
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