UAE, Chilean Presidents witness signing of economic partnership

UAE President His Highness Sheikh Mohamed Bin Zayed Al Nahyan and Gabriel Boric Font, President of the Republic of Chile, on Monday witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Chile.

This took place during 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 and cooperation while providing a platform for both countries’ private sectors to build partnerships.

The agreement was signed during 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, Minister of Foreign Affairs of Chile.

His Highness Sheikh Mohamed Bin Zayed Al Nahyan affirmed that the UAE will continue its steadfast approach in building developmental partnerships around the world to serve mutual interests and provide opportunities for future generations.

This stems from the UAE’s firm belief in the importance of enhancing cooperation among nations to ensure a better future for all, characterised by peace, stability, and prosperity.

His Highness stated that the UAE is keen to expand its network of trade and investment partners worldwide through its Comprehensive Economic Partnership Agreement programme, which aims to stimulate long-term economic diversification and sustainable growth.

He noted that the Comprehensive Economic Partnership Agreement between the UAE and Chile supports mutual economic growth by providing opportunities for business communities and the private sector to expand on both sides. Additionally, it establishes a vital trade and investment corridor with South America, which holds promising economic potential.

President Boric Font welcomed the signing of the Comprehensive Economic Partnership Agreement between the UAE and Chile, describing it as a major milestone in their bilateral relations. He noted that the agreement would boost trade prospects and diversify investment sources, including in the sustainability field.

Boric also highlighted that since their establishment in 1978, relations between the UAE and Chile have exemplified the importance of international cooperation.Non-oil trade volume between the UAE and Chile reached $306 million in 2023. Both countries aim to triple this figure by the end of 2030, expanding cooperation across priority sectors.

The Comprehensive Economic Partnership Agreement between the UAE and Chile is the second of its kind that the UAE has signed with a South American country following a similar agreement with Colombia last April. Launched in September 2021, the UAE’s Comprehensive Economic Partnership Agreement programme is a vital component of the nation’s growth and diversification strategy.

Foreign trade remains a cornerstone of the UAE’s economic growth plans, with non-oil trade reaching a record high of $701 billion in 2023, marking a 12.6 per cent increase from 2022 and 34.7 per cent growth compared to 2021.

During the visit, His Highness Sheikh Mohamed Bin Zayed Al Nahyan and Gabriel Boric Font also oversaw the announcement of several memoranda of understanding aimed at enhancing cooperation between the two countries.

These agreements cover a range of areas, including food security and agrifood investment; cooperation in investment, information technology, and peaceful space research and activities; and a declaration of intent in the field of mining.

Meanwhile the United Arab Emirates and the Kingdom of Morocco have finalised the terms of a Comprehensive Economic Partnership Agreement (CEPA) that will launch a new chapter of mutually beneficial trade and investment ties between the two countries.

The conclusion of negotiations was confirmed by the signing of a joint statement by Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Ryad Mezzour, Minister of Industry and Trade of the Kingdom of Morocco.

Upon implementation, the UAE-Morocco CEPA will facilitate the free flow of goods and services by reducing or removing tariffs, eliminating unnecessary barriers to trade, improving market access for services, enhancing customs harmonisation and establishing flexible rules of origin for goods.

It will also establish platforms for investment and private-sector collaboration in priority sectors such as renewable energy, tourism, infrastructure, mining, food security, transport, logistics, and ICT.

The two nations shared $1.3 billion in non-oil trade in 2023, an increase of 30 per cent on 2022 and 83 per cent more than was recorded in 2019. The UAE is the largest Arab investor in Morocco with more than $15 billion invested in a variety of strategic projects.

Dr Thani Bin Ahmed Al Zeyoudi welcomed the latest step in the UAE’s foreign agenda. He said, “The UAE-Morocco Comprehensive Economic Partnership Agreement is a valuable addition to our CEPA programme. Our two brotherly nations already enjoy strong bilateral economic relations, and this agreement will enable us to further develop areas of mutual benefit, particularly in sectors such as tourism, energy, manufacturing and agriculture, and generate long-term prosperity for both peoples. Morocco is one the largest and most competitive economies in Africa and we look forward to working in unison to create new opportunities for our private sectors.”

Ryad Mezzour, Minister of Industry and Trade of the Kingdom of Morocco, stated, “I signed today with my brother, Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, a joint declaration announcing the conclusion of negotiations between our two countries on a Comprehensive Economic Partnership Agreement.