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UAE and Chile sign major trade agreement

Monday, 29 July 2024 17:03

By ARN News Staff

WAM

The UAE and Chile have signed a Comprehensive Economic Partnership Agreement (CEPA), aimed at stimulating non-oil bilateral trade by removing trade barriers and simplifying customs procedures.

It will also help establish new pathways for investment cooperation while providing a platform for both countries’ private sectors to expand partnerships.

The UAE's President His Highness Sheikh Mohamed bin Zayed Al Nahyan and his Chilean counterpart Gabriel Boric Font witnessed the signing of the agreement in Abu Dhabi on Monday.

Sheikh Mohamed said that the UAE will continue its steadfast approach in building developmental partnerships around the world to serve mutual interests and provide opportunities for future generations.

He added that the CEPA between the UAE and Chile supports mutual economic growth by providing opportunities for business communities and the private sector to expand on both sides.

"Additionally, it establishes a vital trade and investment corridor with South America, which holds promising economic potential," he said.

Boric Font welcomed the signing of the agreement, describing it as a major milestone in their bilateral relations. He noted that the pact would boost trade prospects and diversify investment sources, including in the sustainability field.

Sheikh Mohamed and Boric Font also oversaw the announcement of several memoranda of understanding aimed at enhancing cooperation between the two countries.

These agreements cover a range of areas, including food security and agrifood investment; cooperation in investment, information technology, and peaceful space research and activities; and a declaration of intent in the field of mining.

Boric is currently on an official visit to the country - it's the first such trip by a Chilean President since diplomatic relations were established between the UAE and Chile in 1978.
 

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