UAE and Chile conclude CEPA negotiation in boost to $305m trade

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Alberto van Klaveren, Minister of Foreign Affairs of Chile, signed a joint statement announcing the successful conclusion of negotiations and reaching out the CEPA final provisions between the two sides.

This agreement marks a significant milestone within the UAE’s CEPA programme, which aims to raise the value of the country’s non-oil foreign trade to AED4tn ($1.1tn) by 2031.

UAE and Chile trade

The non-oil trade between the United Arab Emirates and Chile amounted to $305.1m in 2023, representing a remarkable growth of 23.6 percent since 2019.

Dr. Al Zeyoudi welcomed the successful conclusion of the talks, stressing that the agreement will open up access for UAE companies and exporters to the fast-growing economies of Chile and Latin America.

He said: “Chile is an ideal partner within the CEPA programme being implemented by the UAE. This partnership will foster sustainable and mutually beneficial growth in trade of goods and services, investment, and economic cooperation.

“With the agreement’s signing, the private sectors in both countries will benefit from vital new trade links between South America and the Middle East.

“These two regions represent dynamic and growing markets with a population of over 800 million.”

Alberto van Klaveren said: “We view the conclusion of CEPA negotiations as a remarkable achievement within our distinguished relationship with the UAE, sharing a vision for open and rules-based trade.

“The agreement will add further momentum into our bilateral trade, while also generating boundless new opportunities for a more prosperous, modern, and dynamic economic relationship between Chile and the UAE”.

Dr. Al Zeyoudi’s visit to Central and South America, accompanied by a high-level delegation, also saw the signing of CEPA agreements with both Colombia and Costa Rica.