UAE and Chile seal CEPA deal, strengthening trade bonds

Posted on April 29, 2024   |  

The United Arab Emirates and Chile have successfully concluded the negotiations on a Comprehensive Economic Partnership Agreement (CEPA)

This agreement marks a significant achievement in the UAE's CEPA program, aiming to boost non-oil foreign trade to Dhs4 trillion by 2031.

Non-oil trade between the UAE and Chile reached $305.1 million in 2023, showing a notable growth of 23.6% since 2019.

The agreement is expected to drive momentum in bilateral trade and create new economic opportunities for both nations.

Previously, the UAE expressed intentions to initiate negotiations for a CEPA with Ecuador during a visit to Latin American countries.

This announcement follows similar agreements with Costa Rica and Colombia, demonstrating the UAE's strategic objective to deepen its commercial presence in Latin America.

The partnership aims to enhance non-oil bilateral trade and facilitate increased investment flows between the UAE and Ecuador.