Page 591 - MOE ENGLISH PR - APRIL 2024

investment and joint ventures in strategic sectors such as energy, tourism and
hospitality, and food production.

The trade pact follows a significant increase in bilateral non-oil trade, which
surged by 43 per cent to reach a record $53.1m in 2023 – more than double
the total achieved in 2021.

President Sheikh Mohamed heralded the CEPA agreement as an important
contribution to the UAE’s foreign trade approach, which seeks to boost non-oil
trade beyond Dhs4tn by 2031.

The CEPA agreement will open a promising new chapter in deepening
economic ties between the two nations, enabling businesses to benefit from
access to each other’s markets, the UAE President said during the signing
ceremony.

“This agreement paves the way for a new era of cooperation and mutual
economic growth,” President Sheikh Mohamed said in a post on social media
platform X.

UAE’s bilateral trade deals

Meanwhile, the UAE has initiated a raft of bilateral trade, investment and
cooperation deals since 2021 to bolster efforts aimed at diversifying income
sources and economic sectors.

The CEPA agreement with Colombia came a day after the UAE signed a
similar agreement with Costa Rica.

Bilateral trade agreements with India, Israel, Indonesia, Türkiye, and
Cambodia are now in full operation and are already making a significant
contribution to the UAE’s non-oil foreign trade, which reached a record
Dhs2.6tn – Dhs3.5tn including trade in services – in 2023.

The country also concluded trade pacts with Congo-Brazzaville, Costa Rica,
Georgia, Kenya, Mauritius, and South Korea.

https://gulfbusiness.com/uae-signs-bilateral-trade-deal-with-colombia/