UAE and Venezuela strengthen cooperation in various sectors

Venezuelan President Nicolas Maduro Moros received UAE Minister of State for Foreign Trade, Dr Thani Bin Ahmed Al Zeyoudi, during the UAE delegation’s visit to several Latin American countries.

Dr Al Zeyoudi conveyed greetings from President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and Deputy Prime Minister and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, wishing Venezuela continued progress and prosperity.

President Maduro reciprocated the greetings to President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, and His Highness Sheikh Mansour Bin Zayed Al Nahyan, and expressed his sincere wishes for the safety and well-being of the UAE and its people following the recent heavy rains.

He also wished the UAE continued progress, prosperity, and well-being.

President Maduro emphasised his country’s desire to strengthen cooperation with the UAE across various fields. He praised the UAE’s role in promoting international stability and prosperity, fostered by its strong global relations. During the visit, Dr Delcy Rodriguez, Venezuelan Vice President, received Dr Al Zeyoudi.

Discussions focused on enhancing bilateral relations in areas of mutual interest, including investment, trade, and the economy.

Both Maduro and Rodriguez highlighted the importance of these meetings in promoting UAE-Venezuela cooperation across various fields. They expressed a shared commitment to advancing ties for the benefit of both nations.

The meetings, held at the Presidential Palace in Caracas, were attended by ministers and senior officials from both countries.

Additionally, Dr Al Zeyoudi and his delegation met with Venezuelan ministers, government officials, and private sector representatives to solidify economic ties.

The UAE delegation’s visit to Venezuela is part of a wider tour of Latin America. In the past two days, the UAE signed comprehensive economic partnership agreements with Costa Rica and Colombia, aiming to expand trade and investment and drive economic growth in both regions.

A day earlier, Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Colombia marks the beginning of a new era of enhanced trade and investment cooperation between the two friendly nations.

In statements to the Emirates News Agency (WAM), Al Zeyoudi explained that this agreement establishes a solid foundation for economic integration between the business communities and private sectors in both countries, encompassing a wide range of priority sectors.

He pointed out that CEPA will contribute to creating numerous promising investment and trade opportunities, stimulating trade flows between the two sides, and building a flexible and efficient supply chain network that will benefit the economies of both the UAE and Colombia.

Al Zeyoudi further emphasised that the CEPA will grant the UAE extensive access to the Colombian market and the South American markets as a whole, by reducing or eliminating customs duties, enhancing market access, and empowering joint ventures.

Dr. Al Zeyoudi stated that the agreement will open up new avenues for investment in vital areas such as energy, advanced technology, healthcare, tourism, and the environment, offering exceptional opportunities for the UAE’s private sector.

The CEPA between the UAE and Colombia is a significant achievement that strengthens bilateral relations between the two countries and contributes to achieving sustainable economic development for both.

A few days earlier, Rodrigo Chaves Robles, President of Costa Rica, received Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, in the Costa Rican capital, San José, during a visit by a high-level delegation from the UAE.

President Chaves and Al Zeyoudi affirmed that the agreement would significantly enhance bilateral trade and mutual investments between the two countries by eliminating tariffs, reducing trade barriers, promoting the exchange of goods, capital, and ideas between their thriving economies, and encouraging cooperation in the private sector.

The Comprehensive Economic Partnership Agreement (CEPA) between the two countries is the latest step in the UAE’s foreign trade programme, launched to increase the country’s non-oil foreign trade value to more than Dhs4 trillion by 2031.