(MENAFN) The United Arab Emirates (UAE) and the Republic of Colombia have successfully concluded negotiations for a Comprehensive Economic Partnership Agreement, marking a significant milestone in their efforts to enhance trade and investment ties. The agreement, aimed at fostering closer economic cooperation between the two nations, was formally announced through a joint statement signed by Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and German Umaña, Minister of Industry, Trade and Tourism of Colombia.
The signing of the joint statement signifies the completion of talks and sets the stage for the official signing of the agreement at a later date, representing the first-ever bilateral trade agreement between a Gulf nation and a South American country. This collaborative effort reflects the shared commitment of the UAE and Colombia to strengthen economic relations and capitalize on mutual opportunities.
The Comprehensive Economic Partnership Agreement, the latest addition to the UAE's foreign trade agenda, holds the promise of transforming trade dynamics between the two nations. Once implemented, the agreement is poised to eliminate or reduce tariffs on a substantial portion of production lines, dismantle unnecessary trade barriers, enhance market access, and deepen collaboration across various sectors. The areas of focus include digital trade, financial services, telecommunications, energy, environment, hospitality and tourism, infrastructure, agriculture, and food production.
This groundbreaking agreement underscores the strategic vision of both the UAE and Colombia to foster economic growth, facilitate cross-border trade, and create a framework for sustained cooperation in diverse sectors. As the UAE continues to expand its global trade partnerships, this agreement with Colombia reflects a commitment to building strong and mutually beneficial ties across continents.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.