HH Sheikh Mohamed bin Zayed, President of the UAE, and HE Gustavo Petro, President of Colombia, recently noted the inking of a promising Comprehensive Economic Partnership Agreement (Cepa) – an important part of the UAE’s foreign trade agenda.
Signed by the UAE Minister of State for Foreign Trade, HE Dr Thani Al Zeyoudi, and the Minister of Industry, Commerce and Tourism for Colombia, HE German Umaña, the Cepa represents of fresh chapter in the UAE-Colombia bilateral relations.
The key agreement seeks to enhance bilateral trade transactions by cutting tariffs, removing trade barriers and improving market access for both merchandise and service exports while opening paths for investment and joint ventures in pivotal sectors.
Impressive increase in bilateral non-oil trade
The UAE-Colombia Cepa has a notable focus on energy, environment, hospitality, tourism, infrastructure, agriculture and food production. During remarks at the signing ceremony, HH Sheikh Mohamed heralded the deal as an important contribution to the UAE.
The Cepa comes after an impressive increase in bilateral non-oil trade – climbing 43% in 2023 to reach an all-time high of $53.1 million. In addition, both countries in recent years have signed numerous cooperation agreements covering hydrogen, free zones and other sectors.
His Highness noted that the establishment of strategic partnerships that serve mutual interests is part of the UAE’s efforts to build bridges of cooperation with all countries that share its vision of creating a prosperous and sustainable future for coming generations.
Significant chapter in UAE-Colombia relations
The UAE-Colombia Cepa is expected to open a significant chapter in bilateral relations, enabling businesses in both countries to benefit from access to not only to each other’s markets but also their respective regions, as per media reports.
Colombia’s flourishing and technologically advanced economy is ready to provide a range of opportunities for private-sector collaboration. In his remarks, HE Gustavo Petro said: “I celebrate these new horizons being opened.”
The agreement is the latest pillar of the UAE’s Cepa programme. Deals involving India, Indonesia, Israel, Turkey and Cambodia are already in full operation and those with Congo-Brazzaville, Costa Rica, South Korea, Kenya, Mauritius and Georgia have been concluded.
Read: UAE-Costa Rica Comprehensive Economic Partnership Agreement explained
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