The UAE and Chile signed the comprehensive economic partnership agreement (CEPA) during the Chilean President’s official visit to the UAE, state news agency WAM reported on Monday. 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, providing both countries’ private sectors a platform to build partnerships.
The agreement was signed by HE Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and HE Alberto van Klaveren, Minister of Foreign Affairs of Chile.
In 2023, the non-oil trade volume between the UAE and Chile reached $306 million. Both countries aim to triple this figure by the end of 2030, expanding cooperation across priority sectors.
The CEPA with 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 CEPA program is vital to 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% increase from 2022 and 34.7% growth compared to 2021.
The UAE and Chile also signed multiple agreements covering food security and agrifood investment, cooperation in investment, information technology, peaceful space research and activities, and a declaration of intent in mining.
