SANTIAGO, Chile - The United Arab Emirates and the Republic of Chile have successfully concluded negotiations on a Comprehensive Economic Partnership Agreement (CEPA) between the two friendly countries.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Alberto van Klaveren, Minister of Foreign Affairs of Chile, signed a joint statement announcing the successful conclusion of negotiations and reaching out the CEPA final provisions between the two sides.

This agreement marks a significant milestone within the UAE's CEPA programme, which aims to raise the value of the country's non-oil foreign trade to AED4 trillion by 2031.

The non-oil trade between the UAE and Chile amounted to US$305.1 million in 2023, representing a remarkable growth of 23.6% since 2019.

Dr. Al Zeyoudi welcomed the successful conclusion of the talks, stressing that the agreement will open up access for UAE companies and exporters to the fast-growing economies of Chile and Latin America.

He commented, "Chile is an ideal partner within the CEPA programme being implemented by the UAE. This partnership will foster sustainable and mutually beneficial growth in trade of goods and services, investment, and economic cooperation.

He added, "With the agreement's signing, the private sectors in both countries will benefit from vital new trade links between South America and the Middle East. These two regions represent dynamic and growing markets with a population of over 800 million."

For his part, Alberto van Klaveren remarked, "We view the conclusion of CEPA negotiations as a remarkable achievement within our distinguished relationship with the UAE, sharing a vision for open and rules-based trade.

"The agreement will add further momentum into our bilateral trade, while also generating boundless new opportunities for a more prosperous, modern, and dynamic economic relationship between Chile and the UAE," he further noted.

Dr. Al Zeyoudi's visit to Central and South America, accompanied by a high-level delegation, also saw the signing of CEPA agreements with both Colombia and Costa Rica.