During a recent official visit to the UAE of Gabriel Boric, President of Chile, both countries signed a Comprehensive Economic Partnership Agreement (Cepa) on Monday, making it easier to continue and enhance bilateral economic collaboration.
UAE President HH Sheikh Mohamed bin Zayed received his Chilean counterpart, discussing strengthening cooperation on a range of fronts. During the high-profile trip, President Boric and representatives of major Emirati companies also held meticulous discussions.
UAE-Chile Cepa to reduce customs duties by 99.5%
The UAE-Chile Cepa is the latest in the Gulf state’s foreign trade programme. Dr Thani al-Zeyoudi, UAE’s Minister of State for Foreign Trade, and Alberto van Klaveren, Chile’s Minister of Foreign Affairs, signed the agreement at a ceremony.
The deal can create a range of better opportunities by eliminating or reducing customs duties covering 99.5% of the value of the UAE’s imports from Chile, opening market access to services exports, removing unnecessary barriers and facilitating investment.
The UAE-Chile Cepa is projected to increase non-oil bilateral trade to $750 million by the end of the decade, more than doubling the $306 million shared last year. It is also set to boost the value of UAE exports by $247 million by 2030.
UAE gets expanded trade access on global economic map
Ministers and officials from the UAE believe the agreement marks a significant milestone in strategic cooperation for developing vital sectors. The partnership brings in a fresh chapter in UAE’s relations with this crucial region on the global economic map.
Heralding the deal as a major move, Dr Thani al-Zeyoudi said the agreement brings together nations that are “committed to developing open, market-based economies that leverage trade, talent and technology to deliver long-term prosperity.”
“Chile offers a range of exciting opportunities for our private sector, particularly in manufacturing, mining, financial services, renewable energy, tourism and agriculture … secures a partner that shares our belief in the importance of sustainable growth.”
2nd Cepa UAE and a South American country have inked
For his part, the foreign minister of Chile highlighted that the UAE-Chile Cepa is incredibly relevant for his country, adding: “It is Chile’s first Trade Agreement with a country in the Middle East and the Gulf in particular.”
The deal is the second Cepa the UAE and a South American country have inked this year. The Gulf state and Colombia signed a similar agreement in April. The ongoing Cepa programme is a critical piller of the UAE’s economic diversification efforts.
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