(MENAFN- Kuwait News Agency (KUNA)) ABU DHABI, July 29 (KUNA) -- In the presence of UAE President Sheikh Mohammad bin Zayed Al-Nahyan and Chilean President Gabriel Boric, the two nations signed on Monday a Comprehensive Economic Partnership Agreement (CEPA) during President Boric's official visit in Abu Dhabi.
This agreement is set to pave the way for deeper economic collaboration between the two nations, said Emirates News Agency (WAM), explaining that the UAE-Chile CEPA is projected to increase non-oil bilateral trade to USD 750 million by 2030, doubling the USD 306 million shared in 2023.
The deal will create a range of new opportunities by eliminating or reducing customs duties covering 99.5 percent of the value of UAE's imports from Chile, opening market access to services exports, removing unnecessary barriers to trade, and facilitating investment and joint ventures, said WAM.
The Emirati President commented on the signing of the deal, saying that the UAE is keen on expanding its economic partnerships around the world through the CEPA program, which aims at incentivizing diverse and sustainable economic growth, WAM reported.
On his part, the Chilean President welcomed the signing of the CEPA deal between his nation and the UAE, saying that it is a step of great significance in this bilateral relationship that dawned in 1979, and that it will contribute to intensifying and diversifying resources.
This CEPA deal, signed by the UAE's Minister of State for Foreign Trade Dr Thani Al-Zeyoudi and Chile's Foreign Minister Alberto van Klaveren at Abu Dhabi's Qasr Al-Watan, is the second of its kind, the first being signed with Colombia in April. (end)
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