Page 427 - MOE ENGLISH PR - APRIL 2024

4/26/24, 11:10 AM UAE and Chile conclude CEPA negotiations to boost trade ties - GulfToday
This agreement marks a significant milestone within the UAE’s CEPA
programme, which aims to raise the value of the country’s non-oil foreign trade
to Dhs4 trillion by 2031.

The non-oil trade between the UAE and Chile amounted to $305.1 million in
2023, representing a remarkable growth of 23.6 per cent since 2019.

Dr Al Zeyoudi welcomed the successful conclusion of the talks, stressing that
the agreement will open up access for UAE companies and exporters to the
fast-growing economies of Chile and Latin America.

He commented, “Chile is an ideal partner within the CEPA programme being
implemented by the UAE. This partnership will foster sustainable and mutually
beneficial growth in trade of goods and services, investment, and economic
cooperation.

He added, “With the agreement’s signing, the private sectors in both countries
will benefit from vital new trade links between South America and the Middle
East. These two regions represent dynamic and growing markets with a
population of over 800 million.” For his part, Alberto van Klaveren remarked,
“We view the conclusion of CEPA negotiations as a remarkable achievement
within our distinguished relationship with the UAE, sharing a vision for open
and rules-based trade.

“The agreement will add further momentum into our bilateral trade, while also
generating boundless new opportunities for a more prosperous, modern, and
dynamic economic relationship between Chile and the UAE,” he further noted.

Dr Al Zeyoudi’s visit to Central and South America, accompanied by a high-
level delegation, also saw the signing of CEPA agreements with both Colombia
and Costa Rica.

A day earlier, Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign
Trade, and Sonsoles Garcia, Minister of Production, Foreign Trade,
Investments and Fisheries of Ecuador, signed a joint statement in Quito
announcing the intention to begin negotiations towards a Comprehensive
Economic Partnership Agreement (CEPA) between the UAE and Ecuador, as
part of the UAE delegation’s visit to several Latin American countries.

This announcement comes after the UAE signed similar agreements with Costa
Rica and Colombia, the first two countries in Latin America to sign last week.
The move underscores the UAE’s strategic intent to deepen its commercial and
investment presence across Latin America, thereby fostering sustainable
economic growth.

https://www.gulftoday.ae/business/2024/04/25/uae-and-chile-conclude-cepa-negotiations-to-boost-trade-ties 2/3