Abu Dhabi-July 29.2024:In a historic move to strengthen economic ties, the United Arab Emirates (UAE) and Chile have signed a Comprehensive Economic Partnership Agreement (CEPA). The agreement, signed during Chilean President Gabriel Boric’s official visit to the UAE, marks a significant milestone in the bilateral relations between the two nations.
The signing ceremony took place at Qasr Al Watan in Abu Dhabi, with UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and President Gabriel Boric in attendance. This CEPA aims to boost non-oil bilateral trade, eliminate or reduce customs duties on 99.5% of UAE imports from Chile, and open market access for services exports, significantly enhancing trade and investment flows between the two countries.
Key Objectives and Economic Impact of the CEPA
The UAE-Chile CEPA is designed to facilitate smoother trade by removing barriers and simplifying customs procedures. It establishes new pathways for investment and cooperation, particularly focusing on sectors such as manufacturing, mining, financial services, renewable energy, tourism, and agriculture. In 2023, the non-oil trade volume between the UAE and Chile reached $306 million. With the implementation of the CEPA, both countries aim to triple this figure to $750 million by 2030. The agreement is expected to increase UAE exports by $247 million, highlighting the significant economic potential of this partnership.
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