Page 184 - MOE ENGLISH PR REPORT - JULY 2024

Alberto van Klaveren highlighted the significance of this agreement for Chile as it marks their
first trade deal with a Middle Eastern country. He stated, "This Agreement is very relevant for
Chile. It is Chile's first Trade Agreement with a country in the Middle East and the Gulf in
particular."

Strategic Importance

The CEPA aligns with the UAE’s foreign trade programme launched in September 2021 to
support growth and diversification efforts. The UAE’s non-oil trade reached an all-time high of
US$701 billion in 2023, reflecting a 12.6 percent increase from 2022 and a 34.7 percent rise
from 2021.

Dr. Thani bin Ahmed Al Zeyoudi remarked on the importance of this deal for both nations'
economies: "The UAE-Chile CEPA is a significant step forward for our foreign trade ambitions
and consolidates our growing relationship with South America." He also noted that Chile offers
numerous opportunities for the private sector in manufacturing, mining, financial services,
renewable energy, tourism, and agriculture.

Broader Impact

This agreement follows another CEPA signed between the UAE and Colombia earlier this year.
The CEPA programme aims to strengthen economic partnerships globally as part of the UAE’s
broader strategy.

Alberto van Klaveren added that the agreement would facilitate future negotiations on an
Investment Agreement beneficial to both countries: "We are confident that the broad
liberalisation of access to both markets established in the CEPA will substantially impact
bilateral trade."

The partnership underscores a mutual commitment to sustainable growth across various
sectors including trade technology and eco-tourism. This collaboration aims to shape future
economic landscapes beneficially for both nations.

https://www.onearabia.me/local/uae-chile-economic-partnership-agreement-customs-duties-
reduction-011-57119.html