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Gabriel Boric in Emirates: UAE-Chile Cepa to significantly boost bilateral trade

During a recent official visit to the UAE, Gabriel Boric, President of Chile, and the UAE government signed a Comprehensive Economic Partnership Agreement (CEPA), aimed at enhancing bilateral economic collaboration. UAE President HH Sheikh Mohamed bin Zayed welcomed President Boric, and the two leaders discussed ways to strengthen cooperation across various sectors. High-level discussions were also held between President Boric and representatives of major Emirati companies.

UAE-Chile CEPA to Slash Customs Duties by 99.5%

This agreement is a key addition to the Gulf state's foreign trade program. Dr. Thani Al-Zeyoudi, UAE's Minister of State for Foreign Trade, and Alberto van Klaveren, Chile's Minister of Foreign Affairs, signed the deal during a formal ceremony. The CEPA aims to create significant opportunities by eliminating or reducing customs duties on 99.5% of the value of the UAE's imports from Chile. It will also enhance market access for services exports, remove unnecessary barriers, and facilitate investment.

Boosting Bilateral Trade

The UAE-Chile CEPA is expected to increase non-oil bilateral trade to $750 million by the end of the decade, more than doubling the $306 million recorded last year. It is also set to boost the value of UAE exports by $247 million by 2030.

Expanding Global Trade Access

UAE officials view the agreement as a major milestone in strategic cooperation, essential for the development of vital sectors. This partnership marks a new chapter in UAE's relations with an important region on the global economic map.

Dr. Thani Al-Zeyoudi praised the deal, stating that it brings together nations committed to developing open, market-based economies that leverage trade, talent, and technology for long-term prosperity. He highlighted Chile's potential in manufacturing, mining, financial services, renewable energy, tourism, and agriculture, emphasizing the shared belief in sustainable growth.

Historic Trade Agreement

Chilean Foreign Minister Alberto van Klaveren noted the significance of the UAE-Chile CEPA, marking Chile's first trade agreement with a Middle Eastern country. This deal is the second CEPA signed between the UAE and a South American nation this year, following a similar agreement with Colombia in April. The ongoing CEPA program is a crucial pillar of the UAE's economic diversification efforts.
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