Sharjah 24 - WAM: Ministers and officials from the UAE, along with local authority leaders, emphasised the significance of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Chile.
This agreement marks a pivotal moment in the UAE's strategy to broaden its global partnership network, particularly with Chile being the fourth largest economy in South America.
The partnership with Chile heralds a new chapter in UAE's relations with this crucial region on the global economic map.
The officials highlighted that this agreement is a vital step in reinforcing the UAE’s position as a global hub for economy, trade, and industry. It aligns with the UAE's goal of enhancing the contribution of various sectors to the GDP, targeting a GDP of AED 3 trillion by the next decade, in accordance with the "We the UAE 2031" vision.
This agreement is expected to forge a strong commercial and investment partnership with Chile, opening new opportunities for companies and investors from both nations. It will also support collaboration in essential sectors like clean energy, environmental sustainability, and food security.
Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, said, "The Comprehensive Economic Partnership Agreement between the UAE and Chile represents a significant advancement in our bilateral relations, underlining our commitment to fostering economic growth and international cooperation. Chile’s well-regulated financial markets, supported by strong fiscal policy and liquidity from the Central Bank, offer confidence and clarity to UAE businesses and investors. This agreement is poised to create an optimal environment for cross-border exchange and collaboration."
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, stated, "Chile has become an essential partner in our energy transition plans. This agreement will accelerate our progress in clean and renewable energy technologies, policy best practices, and smart grid development. Chile’s leadership in wind and geothermal power offers an excellent opportunity for deeper engagement as we aim to establish ourselves as champions of renewable energy."
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said, "The agreement with Chile is crucial for our strategy to diversify our economy, enhance industrial capabilities, and boost non-oil exports. Chile’s growing manufacturing sector presents rich opportunities for UAE investors and exporters. This partnership will facilitate industrial development and export facilitation to key markets in the Middle East, Asia, and Africa."
Abdulla bin Touq Al Marri, Minister of Economy, added, "Expanding our foreign trade network is central to achieving sustainable economic growth and reaching a national GDP of AED 3 trillion by the next decade. The agreement with Chile is a significant milestone, promoting dynamic trade and investment in sectors like manufacturing, financial services, energy, tourism, and agriculture."
Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, noted, "This agreement is a critical addition to our foreign trade agenda, reinforcing our commitment to environmental sustainability and food security. Chile’s focus on sustainable finance and climate adaptation strategies will inform and inspire our efforts towards achieving carbon neutrality by 2050."
Mohammed bin Hassan Al Suwaidi, Minister of Investment, highlighted, "The UAE’s programme for comprehensive economic partnerships is opening new avenues for global investment, easing capital flows, and identifying high-potential projects. The agreement with Chile will spur investment in renewable energy, technology, agriculture, and infrastructure, supporting long-term growth for both nations."
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasised, "As we expand our network of trading partners, we are not only strengthening our position as a global trade hub but also ensuring sustainable growth. The agreement with Chile, the world’s largest copper producer and a key supplier of agricultural products, is set to increase non-oil foreign trade value and boost non-oil exports, contributing to economic diversification and resilience."
Ahmed Ali Al Sayegh, Minister of State, said, "Trade is an essential driver of stability and development. This agreement deepens our trade relations by improving market access, reducing tariffs, and creating new investment opportunities. It secures supply chains and promotes inter-regional cooperation in sectors like energy and logistics."
Khaled Mohamed Balama, Governor of the Central Bank of the UAE, stated, "This agreement aligns with our leadership's vision for a resilient, sustainable, and globally open economic system. It aims to enhance economic growth, expand foreign trade, and encourage investment flows, contributing to financial stability and the protection of the global financial system."
Ahmed Abdullah bin Lahej, Director-General of the Federal Customs Authority, commented, "The agreement builds on robust trade ties, reducing tariffs and eliminating barriers to facilitate smoother exchange of goods and services, reduce costs for businesses, and improve trade facilitation overall."
Abdulla Mohammed Al Basti, Secretary-General of the Executive Council of Duba, added, "This agreement strengthens economic cooperation between the UAE and Chile, providing UAE-based exporters and investors access to substantial opportunities in Chile. It supports joint ventures in key sectors, enhancing industrial growth and economic diversification."
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