UAE and Chile Sign major Trade Deal

The UAE and Chile have agreed to a Comprehensive Economic Partnership Agreement (CEPA) to boost non-oil bilateral trade by eliminating trade barriers and streamlining customs procedures. It will also facilitate the creation of new opportunities for investment collaboration, allowing the private sectors of both nations to broaden their partnerships.

Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and Gabriel Boric Font, President of Chile, were present in Abu Dhabi on Monday to observe the agreement being signed. Sheikh Mohamed stated that the UAE will keep up its unwavering strategy in creating collaborative relationships globally to benefit both parties and offer prospects for future generations.

He mentioned that the CEPA agreement between the UAE and Chile promotes mutual economic development by offering opportunities for businesses and the private sector to grow in both countries.

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

Boric Font enthusiastically greeted the agreement signing, deeming it a significant achievement in their bilateral relations. He observed that the agreement would enhance trade opportunities and broaden investment sources, particularly in the area of sustainability.

Sheikh Mohamed and Boris Font also supervised the declaration of various memoranda of understanding focused on improving collaboration between the two nations.

These agreements include various areas, such as food security and agrifood investment; collaboration in investment, information technology, and peaceful space research and activities; and a statement of purpose in the mining sector.