Page 589 - MOE ENGLISH PR - APRIL 2024

4/24/24, 11:52 AM UAE, Colombia ink CEPA to boost trade, investment
years encompassing aviation, renewable energy, the environment, hydrogen, travel,
free zones and artificial intelligence.

Speaking at the occasion, President His Highness Sheikh Mohamed bin Zayed Al
Nahyan highlighted the importance of the agreement in advancing the UAE’s non-oil

foreign trade beyond its goal of AED4 trillion by 2031. Sheikh Mohamed added that
Colombia’s high-growth and technology-focused economy will provide a range of
opportunities for private-sector collaboration.
Read: Etihad Airways carries 4.3 million passengers in Q1 2024, a 41 percent

increase over prior year
Access to South America
Following the recent agreement with Costa Rica, Al Zeyoudi stated that the CEPA

will grant the UAE extensive access to the Colombian market and the South American
markets as a whole. Hence, it reduces or eliminates customs duties, enhancing market
access, and empowering joint ventures.
The agreement with Colombia is the latest addition to the UAE’s CEPA program. It

follows agreements with India, Costa Rica, Indonesia, Türkiye and Cambodia. The
program has significantly contributed to the UAE’s non-oil foreign trade, which
reached a record AED2.6 trillion in 2023. The UAE has also concluded agreements

with Congo-Brazzaville, Georgia, Kenya, Mauritius, and South Korea.
For more news on logistics, click here.

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