The focal point of President Boric's visit is the successful conclusion of negotiations on a Comprehensive Economic Partnership Agreement (CEPA) between Chile and the UAE. This agreement aims to enhance trade and investment flows, facilitating easier market access for businesses from both nations. Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Alberto van Klaveren, Chile's Minister of Foreign Affairs, have officially announced the agreement's final provisions, signaling a new era of economic collaboration.
Non-oil trade between the UAE and Chile reached $305.1 million in 2023, reflecting a significant growth of 23.6% since 2019. The CEPA is expected to further boost these figures by opening up new opportunities for trade in goods and services, as well as fostering investment and economic cooperation. Dr. Al Zeyoudi emphasized the importance of this partnership, noting that it will create vital trade links between the Middle East and Latin America, regions with a combined population exceeding 800 million.
Alberto van Klaveren highlighted the strategic importance of the agreement, stating that it represents a remarkable achievement within the distinguished relationship between Chile and the UAE. The CEPA is anticipated to inject new momentum into bilateral trade, creating numerous opportunities for a prosperous and dynamic economic relationship.
In addition to the CEPA with Chile, the UAE has been proactive in expanding its economic ties with other Latin American countries. Dr. Al Zeyoudi's recent visit to the region included the signing of similar agreements with Colombia and Costa Rica, underlining the UAE's strategic focus on strengthening its economic presence in Latin America.
The CEPA program is a key component of the UAE's broader economic strategy, which aims to increase the country's non-oil foreign trade to AED 4 trillion by 2031. This ambitious goal underscores the UAE's commitment to diversifying its economy and establishing itself as a global trade hub.
President Boric's visit to the UAE includes high-level meetings with UAE officials and business leaders, aimed at exploring further avenues for cooperation. Discussions are expected to cover a wide range of sectors, including renewable energy, technology, and infrastructure development, reflecting the broad scope of potential collaboration between the two nations.
This visit also highlights the UAE's role as a pivotal player in global trade and investment. By fostering strong economic partnerships with countries like Chile, the UAE continues to build on its reputation as a dynamic and forward-looking economy, committed to sustainable growth and development.
The successful conclusion of the CEPA negotiations between Chile and the UAE is a testament to the strong and growing relationship between the two countries. As both nations look forward to the formal signing of the agreement, there is a shared optimism about the future of this partnership and its potential to drive economic growth and prosperity.
This landmark agreement not only strengthens the economic ties between Chile and the UAE but also sets a precedent for future collaborations, paving the way for a more integrated and cooperative global economy.