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UAE-Colombia Cepa to enhance bilateral relations and trade transactions

 

The UAE and Colombia have signed a Comprehensive Economic Partnership Agreement (Cepa), marking a significant step in their bilateral relations. The agreement aims to improve trade transactions by cutting tariffs, removing trade barriers, and improving market access for merchandise and service exports.

It also aims to open investment and joint ventures in key sectors such as energy, environment, hospitality, tourism, infrastructure, agriculture, and food production. The Cepa follows a 43% increase in bilateral non-oil trade in 2023, reaching an all-time high of $53.1 million. The UAE is committed to building strategic partnerships that serve mutual interests, as part of its efforts to create a prosperous and sustainable future for future generations. The Cepa is expected to open a significant chapter in bilateral relations, allowing businesses to benefit from access to each other’s markets and regions.

Colombia’s technologically advanced economy is expected to provide opportunities for private-sector collaboration. The agreement is the latest pillar of the UAE’s Cepa programme, following deals with India, Indonesia, Israel, Turkey, Cambodia, Congo-Brazzaville, Costa Rica, South Korea, Kenya, Mauritius, and Georgia.

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