Skip to main content

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.
Labels:

Comments

Post a Comment

Popular posts from this blog

UAE and US issue joint statement on cooperation on artificial intelligence

  UAE President Sheikh Mohamed bin Zayed and US President Joe Biden met on Monday in the US during an official visit by the Emirati leader. This visit marks the fourth bilateral meeting between the two leaders during the Biden-Harris administration. During their discussions, Mohamed bin Zayed and Biden reaffirmed the strong UAE-US strategic and defense partnership, explored ways to enhance cooperation in advanced technology and investments, and addressed global and regional issues. Both leaders committed to pursuing further opportunities to strengthen their partnership, promote peace and stability in the Middle East and beyond, and provide global leadership on key shared issues. The UAE-US relationship, spanning five decades, is built on a solid foundation. Building on the vision of Mohamed bin Zayed and Biden to advance safe artificial intelligence, UAE national security advisor Sheikh Tahnoon bin Zayed and US national security advisor Jake Sullivan reaffirmed their countries' coo
Post a Comment
Read more

Sheikh Khaled bin Mohamed’s official trip to India holds great importance for UAE-India bilateral relations

  His Highness Sheikh Khaled bin Mohamed is making his first official visit to India , accompanied by several UAE ministers and a business delegation. The visit marks a significant step in strengthening UAE-India bilateral relations. Upon his arrival on September 8, Sheikh Khaled was welcomed by India's Commerce and Industry Minister Piyush Goyal. His visit includes a comprehensive agenda, with discussions between Sheikh Khaled and Indian Prime Minister Narendra Modi focusing on key areas of bilateral cooperation. Additionally, Sheikh Khaled is scheduled to meet with Indian President Droupadi Murmu. The ongoing Israel-Hamas conflict may also be part of the dialogue, as reported by NDTV. On the second day, Sheikh Khaled is expected to participate in a business forum in Mumbai, attended by business leaders from both nations, further underscoring the growing trade and investment ties between the UAE and India. The UAE and India have a long-standing relationship, established in 1972, w
Post a Comment
Read more

The UAE facilitated the largest prisoner exchange in history between Russia and Ukraine

 Ukraine and Russia have announced their first exchange of prisoners of war in nearly five months, with over 200 freed by each side after a complex negotiation involving mediation by the United Arab Emirates. Russia's Defence Ministry reported that 248 military personnel had been handed over by Ukraine, while Kyiv brought home 230 people, including 224 soldiers and six civilians, in the largest documented swap of troops so far. The UAE's foreign ministry acknowledged its role in the swap, stating that it was made possible by its "strong friendly relations" with both Moscow and Kyiv. A video released by Ukrainian authorities showed returning prisoners in their blue and yellow flags filing off a bus, singing the national anthem, and shouting the patriotic greeting "Glory to Ukraine." Most of the prisoners appeared to be in good health, with one returnee shouting "We are home! You didn't forget us!" The Russian Ministry of Defence also released a
Post a Comment
Read more