Page 213 - MOE ENGLISH PR REPORT - JULY 2024

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasised, "As we expand our
network of trading partners, we are not only strengthening our position as a global trade hub but
also ensuring sustainable growth. The agreement with Chile, the world’s largest copper producer
and a key supplier of agricultural products, is set to increase non-oil foreign trade value and boost
non-oil exports, contributing to economic diversification and resilience."

Ahmed Ali Al Sayegh, Minister of State, said, "Trade is an essential driver of stability and
development. This agreement deepens our trade relations by improving market access, reducing
tariffs, and creating new investment opportunities. It secures supply chains and promotes inter-
regional cooperation in sectors like energy and logistics."

Khaled Mohamed Balama, Governor of the Central Bank of the UAE, stated, "This agreement aligns
with our leadership's vision for a resilient, sustainable, and globally open economic system. It aims
to enhance economic growth, expand foreign trade, and encourage investment flows, contributing
to financial stability and the protection of the global financial system."

Ahmed Abdullah bin Lahej, Director-General of the Federal Customs Authority, commented, "The
agreement builds on robust trade ties, reducing tariffs and eliminating barriers to facilitate
smoother exchange of goods and services, reduce costs for businesses, and improve trade
facilitation overall."

Abdulla Mohammed Al Basti, Secretary-General of the Executive Council of Duba, added, "This
agreement strengthens economic cooperation between the UAE and Chile, providing UAE-based
exporters and investors access to substantial opportunities in Chile. It supports joint ventures in
key sectors, enhancing industrial growth and economic diversification."

https://wam.ae/en/article/b4em869-cepa-between-uae-chile-marks-significant-milestone