The UAE and Colombia are poised to accelerate trade and investment across key sectors, including food, IT, fertilisers, and precious metals, following the signing of a Comprehensive Economic Partnership Agreement (Cepa).
Additionally, Emirates launched a new flight to Bogota, aiming to tap into opportunities in Latin American markets as the Gulf country diversifies its economy away from oil.
Seeking to diversify its economy, the UAE sees potential in Colombia’s abundant agricultural and mineral resources despite their geographical distance.
The Cepa aims to strengthen bilateral trade and investment, with Juma Al Kait from the UAE Ministry of Economy stressing the need for private sector engagement to maximise its benefits.
A recent roundtable in Bogota brought together business leaders from both nations to explore promising investment areas, particularly in renewable energy and technology sectors.
The agreement is expected to enhance collaboration in priority sectors such as renewable energy, agriculture, tourism, artificial intelligence, environment, and free zones.
The agreement focuses on removing tariffs on over 95% of product lines, easing trade barriers, enhancing customs cooperation, expanding market access for services exports, and establishing a framework for digital trade.
Identified as strategic collaboration areas are green hydrogen, technology, and the UAE’s position as a global hub for precious metals trade.
Colombia, renowned as a major producer of gold and agricultural products such as coffee and flowers, seeks to expand its exports to the UAE, highlighting opportunities in agriculture, metals, and pharmaceuticals.
The country received record foreign direct investment in 2023, predominantly in non-mining and energy sectors.
Emirates’ new daily flight to Bogota via Miami, initiated in June, is expected to facilitate both passenger and cargo services, thereby bolstering business and leisure travel opportunities and enhancing trade links between the Middle East and Colombia.
