The UAE and the Republic of Chile have reached a significant milestone by concluding negotiations on a Comprehensive Economic Partnership Agreement (CEPA). Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, and Alberto van Klaveren, Minister of Foreign Affairs of Chile, jointly announced the successful outcome of the negotiations.
The agreement underscores the commitment of both nations to boost trade and economic cooperation. With non-oil trade between the UAE and Chile amounting to $305.1 million in 2023, a notable increase of 23.6 percent since 2019, the CEPA will further enhance bilateral trade relations. The agreement with Chile marks a significant milestone within the UAE’s CEPA program that aims to raise the country’s non-oil foreign trade to AED4 trillion by 2031.
Dr. Al Zeyoudi emphasized that the CEPA will provide UAE companies and exporters with greater access to the fast-growing economies of Chile and Latin America. “This partnership will foster sustainable and mutually beneficial growth in trade of goods and services, investment, and economic cooperation,” he said. Dr. Al Zeyoudi added that the private sectors in both countries will benefit from vital new trade links between South America and the Middle East.
For his part, van Klaveren highlighted the mutual benefits of the agreement, noting that it will inject further momentum into bilateral trade and unlock new opportunities for a more dynamic economic relationship between Chile and the UAE. The agreement also underscores both countries’ commitment to open and rules-based trade.
Dr. Al Zeyoudi’s recent visit to Central and South America also resulted in the signing of CEPA agreements with Colombia and Costa Rica.
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