Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Excellency Gabriel Boric Font, President of the Republic of Chile, today witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Chile, as part of the official visit of the Chilean President to the UAE.
The agreement aims to stimulate non-oil bilateral trade by eliminating or reducing customs duties, removing trade barriers, and simplifying customs procedures. It also seeks to establish new pathways for investment flows, cooperation, and provide a platform for the private sectors of both countries to build partnerships.
The agreement was signed at a ceremony held at Qasr Al Watan in Abu Dhabi by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Alberto van Klaveren, Chilean Minister of Foreign Affairs.
Sheikh Mohamed bin Zayed Al Nahyan affirmed that the UAE continues its consistent approach to building developmental partnerships worldwide, serving the interests of people and creating opportunities for future generations.
This approach stems from the UAE’s firm belief in the importance of fostering constructive cooperation between nations to ensure a better future characterized by peace, stability, and prosperity.
Bin Zayed noted that the UAE is keen to expand its network of trade and investment partners globally through the “Comprehensive Economic Agreements Program,” which aims to stimulate sustainable growth and diversification of the national economy in the long term.
He emphasized that the CEPA between the UAE and Chile will support mutual economic growth by providing expansion opportunities for business communities and the private sector in both countries, in addition to establishing a vital trade and investment corridor with South America, a region with promising economic potential.
President Boric welcomed the signing of the CEPA, describing it as a significant step in their bilateral relations that will enhance trade prospects and diversify investment sources, especially in sustainability sectors.
He highlighted that the UAE-Chile relationship has been a model of cooperation since its establishment in 1978.
The non-oil trade volume between the UAE and Chile reached $306 million in 2023, and both countries aim to triple this value by 2030 through deepened cooperation in priority sectors.
The CEPA with Chile is the second such agreement the UAE has signed with South American countries, following a similar agreement with Colombia in April.
The UAE launched the Comprehensive Economic Partnership Agreements program in September 2021 as a cornerstone of its growth and diversification efforts.
Foreign trade remains a fundamental pillar in the UAE’s strategic growth plans, with the UAE’s non-oil trade in goods reaching a historic high of $701 billion in 2023, an increase of 12.6% compared to 2022 and a growth of 34.7% compared to 2021.
During the visit, Sheikh Mohamed bin Zayed Al Nahyan and President Boric also witnessed the announcement of several memoranda of understanding aimed at expanding cooperation between the two countries.
These included areas such as food security and agricultural investment, collaboration in investment, information technology, peaceful space activities, and a declaration of intent in the mining sector.
