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7/30/24, 3:31 PM UAE-Chile Comprehensive Economic Partnership Agreement aims to reduce customs duties by 99.5% – UAE BARQ

UAE-Chile Comprehensive Economic Partnership

Agreement aims to reduce customs duties by 99.5%

18 hours ago News

The United Arab Emirates and the Republic of Chile have signed a Comprehensive Economic Partnership Agreement
(CEPA) today in Abu Dhabi, paving the way for deeper economic collaboration between the two countries.

The signing coincided with an official visit to the UAE of Gabriel Boric, President of Chile, during which he was received
by President His Highness Sheikh Mohamed bin Zayed Al Nahyan, to discuss strengthening cooperation on a range of
fronts.

The agreement was signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Alberto van
Klaveren, Chile’s Minister of Foreign Affairs, at a ceremony in Abu Dhabi.

The deal, which is the latest in the UAE’s foreign trade programme, will create a range of new opportunities by
eliminating or reducing customs duties covering 99.5 percent of the value of the UAE’s imports from Chile, opening
market access to services exports, removing unnecessary barriers to trade, and facilitating investment and joint-
ventures.

As a result of these measures, the UAE-Chile CEPA is projected to increase non-oil bilateral to US$750 million by
2030, more than doubling the US$306 million shared in 2023. The deal is also set to boost the value of UAE exports by

US$247 million by 2030, according to official UAE estimates.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, heralded the deal as another important milestone

for the UAE. He said, “The UAE-Chile CEPA is a significant step forward for our foreign trade ambitions and
consolidates our growing relationship with South America. This deal unites two nations who are both committed to
developing open, market-based economies that leverage trade, talent and technology to deliver long-term prosperity.”

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