Successful negotiations have been held between the friendly nations of the United Arab Emirates and the Republic of Chile regarding a Comprehensive Economic Partnership Agreement (CEPA).
The final CEPA terms were reached between the two sides, and the successful end of negotiations was announced in a joint statement signed by Chile’s Minister of Foreign Affairs, Alberto van Klaveren, and Minister of State for Foreign Trade, Dr. Thani Bin Ahmed Al Zeyoudi.
This deal represents a key milestone within the UAE’s CEPA program, which intends to increase the value of the nation’s non-oil foreign trade to Dhs4 trillion by 2031.
The UAE and Chile’s non-oil trade reached $305.1 million in 2023, a 23.6% increase from the previous year.
A day earlier, as part of the UAE delegation’s tour of several Latin American nations, Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Sonsoles Garcia, Minister of Production, Foreign Trade, Investments, and Fisheries of Ecuador, signed a joint statement in Quito announcing the intention to start negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Ecuador.
This news follows the UAE’s signing of such deals last week with the first two Latin American countries, Colombia and Costa Rica. The action demonstrates the UAE’s strategic goal of expanding its investment and commercial footprint throughout Latin America to promote long-term economic prosperity.
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