Within the framework of the Official Visit to the UAE, both leaders celebrated the exchange of documents of the Comprehensive Economic Partnership Agreement, CEPA, an alliance that will improve commercial exchange between both countries. This is Chile's first agreement with a Middle Eastern country.
Within the framework of his Official Visit to the United Arab Emirates, the President of the Republic, Gabriel Boric Font, together with the Minister of Foreign Affairs, Alberto van Klaveren; the Minister of Economy, Development and Tourism, Nicolás Grau; the Minister of Public Works, Jessica López; the Minister of Science, Technology, Knowledge and Innovation, Aisén Etcheverry; the Undersecretary of International Economic Relations, Claudia Sanhueza; and authorities of the official delegation, met with the President of the United Arab Emirates and Emir of Abu Dhabi, Mohamed bin Zayed al Nahayan, at the Qasr Al Watan Presidential Palace.
At the event, both leaders celebrated the exchange of documents of the Comprehensive Economic Partnership Agreement (CEPA), an alliance that will improve mutual commercial exchange by allowing broad access to goods, services and government procurement. This is Chile's first agreement with a Middle Eastern country.
“This is not only a diplomatic and economic achievement, it is a testimony of the shared commitment of Chile and the United Arab Emirates to sustainable development and bilateral cooperation,” said the Head of State. “The CEPA establishes the basis for future negotiations in fundamental areas such as bilateral investment agreements, financial services and includes an environmental chapter (…) These upcoming negotiations will strengthen economic and commercial ties between Chile and the United Arab Emirates,” he added.
The United Arab Emirates is the 17th largest investor country globally, reaching US$24,833 million in investments abroad in 2022. CEPA will provide concrete opportunities for better access to the Emirati market for around 97% of the products exportable by Chile to the UAE . In addition, exports of walnuts, salmon, copper cathodes, potassium and sodium nitrates are expected to increase.
A digital trade chapter and a global value chains chapter will also be incorporated for the first time with a partner outside the Latin American region, which consolidates Chile's work towards a new stage of development of productive chains and insertion into global supply chains. value outside our continent.
“Although we are so far away and our cultures may be different, we have many things in common and we can learn from each other's experiences,” said the President. And he added: “We want to collaborate more and I believe that the agreement we are signing today marks a fundamental moment for both nations. The CEPA is a progressive agreement because it includes a gradual chapter on women's economic empowerment and, what is very important for us, global value chains that align perfectly with more modern international trade policies.
In addition to the Comprehensive Economic Partnership Agreement, important memorandums of understanding were signed in food security, special sciences, information technologies and mining.
