UAE President Sheikh Mohamed bin Zayed Al Nahyan and Chilean President Gabriel Boric Font discussed strengthening bilateral ties, focusing on trade, investment, and development during Boric’s visit to the UAE on 29 July.
The leaders explored ways to enhance relations to support the future visions of both countries, contributing to sustainable development and prosperity.
Sheikh Mohamed welcomed President Boric and reviewed progress in UAE-Chilean relations, highlighting cooperation in the economy, investment, renewable energy, digital economy, climate action, and infrastructure. He also hosted a luncheon in honour of Boric and his delegation.
The UAE and Chile signed the Comprehensive Economic Partnership Agreement (CEPA) during the visit, aiming to boost non-oil bilateral trade by eliminating or reducing customs duties, removing trade barriers, and simplifying customs procedures. The agreement seeks to create new investment channels and cooperation, providing a platform for private sector partnerships.
The signing ceremony at Qasr Al Watan was attended by Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Alberto van Klaveren, Chilean Minister of Foreign Affairs.
Sheikh Mohamed noted that the CEPA supports mutual economic growth by providing opportunities for business communities and the private sector to expand, establishing a vital trade and investment corridor with South America. President Boric described the agreement as a significant milestone in bilateral relations, enhancing trade prospects and diversifying investment sources, including sustainability.
Non-oil trade between the UAE and Chile reached $306m in 2023, with both countries aiming to triple this by 2030.
The CEPA with Chile is the UAE’s second with a South American country, following a similar agreement with Colombia last April. The UAE’s CEPA programme, launched in 2021, is key to the nation’s growth and diversification strategy, with non-oil trade reaching $701bn in 2023.
