UAE and Chile Sign Landmark Economic Partnership Agreement

UAE, 30 July, 2024 : Ministers and officials from the UAE have highlighted the significance of the new Comprehensive Economic Partnership Agreement (CEPA) with Chile. This agreement is a key step in expanding the UAE's global partnership network, especially with Chile being South America's fourth-largest economy.

The CEPA aims to enhance the UAE’s position as a global trade and industrial hub, aligning with the "We the UAE 2031" vision to boost GDP to AED 3 trillion by the next decade. The agreement is expected to strengthen commercial and investment ties, opening new opportunities in sectors such as clean energy, environmental sustainability, and food security.

Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini noted the agreement’s potential to advance bilateral relations and create an optimal environment for business collaboration. Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei emphasized Chile’s role in the UAE's energy transition, while Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber highlighted opportunities in industrial development and non-oil exports.

Minister of Economy Abdulla bin Touq Al Marri praised the agreement for boosting trade in manufacturing, financial services, and agriculture. Minister of Climate Change and Environment Dr. Amna bint Abdullah Al Dahak saw it as a boost to environmental and food security efforts. Minister of Investment Mohammed bin Hassan Al Suwaidi emphasized the agreement's role in spurring investment in key sectors.

Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi highlighted its impact on increasing non-oil foreign trade and economic diversification. Minister of State Ahmed Ali Al Sayegh discussed the agreement’s potential to improve market access and reduce tariffs. Central Bank Governor Khaled Mohamed Balama stressed its alignment with the UAE's vision for a resilient economic system.

Federal Customs Authority Director-General Ahmed Abdullah bin Lahej and Executive Council of Dubai Secretary-General Abdulla Mohammed Al Basti both noted the agreement’s role in reducing trade barriers and facilitating smoother economic exchanges.

Source : www.zawya.com