ABU DHABI (WAM)
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted the significance of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Chile.
He noted that this is the 11th agreement for the UAE under its agreement programme, which has been developed over the past three years and is expected to come into effect within six months.
Speaking to WAM on the sidelines of a roundtable hosted by the ministry on Monday with a Chilean delegation, Al Zeyoudi explained that the CEPA with Chile is expected to contribute an additional $73 million to the national economy by 2031, and will also have a significant impact on increasing the country's exports to Chile.
Al Zeyoudi stated, "What sets this agreement apart is its high level of liberalisation, exceeding 99 percent for both parties. Liberalisation is particularly significant in the services sector, which is key to attracting investments to both countries. Additionally, for the first time, we have included a specialised chapter focused on empowering women in the economic and commercial sectors."
He added that a comprehensive chapter on supply chains was included, highlighting their importance, especially given the current global crises and geopolitical situations.
Al Zeyoudi emphasised that the agreement builds on the direct interactions and communication between the Emirati and Chilean private sectors in areas of mutual interest, including minerals, renewable energy, infrastructure, hospitality, and lithium.
Chilean Minister of Foreign Affairs, Alberto van Klaveren, told WAM that the CEPA aims to boost trade between the two countries and create numerous opportunities for investors from both the UAE and Chile.
"We believe there is significant potential in our relationship with the UAE, and Chile offers many opportunities, particularly in areas like food and minerals, which are crucial to our economy," he added.